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Bears gaining momentum

Bears gaining momentum | 13 March 2017

13 March 2017, USD/JPY

Bears gaining momentum

Wave Analysis:

Following the rebound from 113.68, the US Dollar traded relentlessly to the upper side as forecasted but could not go beyond 115.50. We expect the bearish price movements witnessed during the previous trading day to be an onset of a third retracements towards 113.68 from where we'll be looking for a possible rebound to go long, otherwise, any clear breakout below 113.68 will move the price further to the lower side but should not go beyond 111.91 Expect an exact similar wave count in CADJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:
Expect a possible bearish price movements towards 113.74

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Bob Stan
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