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Wait for a clear brak below 111.57 to continue short with an ideal target at 109.054

Wait for a clear brak below 111.57 to continue short with an ideal target at 109.054 | 22 March 2017

22 March 2017, USD/JPY

Wait for a clear brak below 111.57 to continue short with an ideal target at 109.054

Wave Analysis:

For the past few days, the US Dollar has continually made lower lows and lower highs but is currently showing signs of possible decline of momentum to the lower side. This pair could still be heading further to the lower side but not for a long time. Thus, although we choose to remain jittery about any movements to the lower side, if the pair can close below 111.57, then we expect a possible impulsive wave count to the lower side but should not go beyond 109.054. This pair should be traded alongside CADJPY, NZDJPY, and USDCHF. These pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday.

Trade Recommendations:

Wait for a clear break below 111.57 to go short with an ideal target at 109.054.

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Bob Stan
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