USDJPY To continue short for long time | 27 March 2017
27 March 2017, USD/JPY
Wave Analysis:
On Wednesday the previous trading week, the US Dollar broke below a long term support level 111.78 but is correctly pulling back to it. This level acted a key support level on 27th November 2016, 5th February 2017 and on 27th February 2017; now that the price is below it, we expect this level to act as a resistance to any movements to the upper side. Ideally, the current upward rally is the continuation of the inner corrective wave (ii) and should not go beyond 111.78 from where we'll be looking to continue short with the impulsive wave (c) and also to sell the inner motive wave (iii) towards 108.94. This view can only be invalidated in case the pair end up above 111.78, if this is the case, then we'll wait for a break above 112.85 to give us the green light to continue long. Expect a similar wave count in CADJPY. NZDJPY and HKDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 111.78 to go short with an ideal target at 108.94 and the next target at 102.96
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