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Bearish pin bar on the daily chart

Bearish pin bar on the daily chart | 06 April 2017

06 April 2017, USD/JPY

Bearish pin bar on the daily chart

Wave Analysis:

Yesterday, the US Dollar opened at 111.720, went as high as 111.44 and as low 110.527 but ended up closing at 110.66, just few pips below it's opening. The previous day's candle is a perfect bearish pin bar candle below a key support level 111.69. We expect the just broken support line to act as a resistance to any movements to the upper side. Thus, as long as the price remains below this level we expect a possible bearish price movements towards 109.02 or even lower to 100.54. The anticipated bearish price rally is the continuation of the impulsive wave (iii) and may be extensive in nature. Expect a similar price action in USDCHF, CADJPY, and NZDJPY. These pairs will have a similar price action during this intraday. These pairs will have a similar price action during this intraday.

Trade Recommendation:

Remain short with the first target at 109.025.

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Bob Stan
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