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Still holding onto our Sell position

07 April 2017, USD/JPY

Still holding onto our Sell position

Wave Analysis:

Following the bearish pin bar candle seen on 5th April 2017, (on the daily chart); the US Dollar retraced to the upper side towards 110.89 before plunging to the lower side. During this intraday, we expect a possible second retest of this zone, 110.84-110.74, to pick sell orders at low risk sell opportunities. Ideally, we expect minor bullish retracements towards our sell area (shown above) to sell the impulsive wave (c) towards 109.025. This downward rally is highly anticipated since the daily chart below is pretty much bearish and will head further to the lower side.

USDJPY Daily Chart

Still holding onto our Sell position

Expect a similar wave count in CADJPY, NZDJPY, AUDJPY and EURJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

If you're not short already, wait for minor bullish pullbacks towards 110.89-110.74 to go short with an ideal target at 109.025.

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Graham Osano
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