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US Dollar in a corrective mode but still below 111.69

US Dollar in a corrective mode but still below 111.69 | 23 March 2017

23 March 2017, USD/JPY

US Dollar in a corrective mode but still below 111.69

Wave Analysis:

For almost a fortnight, the US Dollar has been making lower lows and is still in an overall downtrend. Following the break below the daily supportive level 111.68, we expect further momentum to the lower side as long as the pair remains below this level, that the current upward rally on the 4H chart is the unfolding of the corrective wave (b) and should not go beyond 111.92 from where we'll be looking to sell the impulsive wave (c) at low risk. This view can only be rendered futile in case the pair end up above 111.92, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in CADJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday.

Trade Recommendation:

If you're not short already, wait for minor corrections towards 111.68 to go short with an ideal target at 106.9

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Bob Stan
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