31 March 2017, USD/JPY
Wave Analysis:
The Us Dollar continues to retrace on the higher ranges but is still within our retracement zone 116.69-112.59. Unless there's a clear breach above this zone, we expect a possible rebound within this zone to continue short with the impulsive wave (iii) but should not go beyond 109.007 from where we'll be looking for a similar correction. This view may only be rendered futile ion case the pair end up above 112.59, if this is the case, the an acceleration to the upper side is inevitable. Expect a similar wave count in CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday.
Trade Recommendations:
Remain flat momentarily and wait for clear sell signals around 112.59 to go short with an ideal target at 109.00.
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