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We went short from 111.90 and still holding on

We went short from 111.90 and still holding on | 13 April 2017

13 April 2017, USD/JPY

We went short from 111.90 and still holding on

Wave Analysis:

As previously forecasted, the impulsive wave (iii) traded relentlessly to the lower side, hit our first target TP at 109.25 and is still pretty much bearish both on the daily and the weekly charts. We expect further momentum to the lower side but only after price retracing to the just broken line. Ideally, we're waiting for the corrective wave (iv) to unfold to buy the last motive wave (v) towards 100.54 or even lower. Expect a similar wave count in EURJPY, AUDJPY, NZDJPY, CADJPY, and HKDJPY. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday. Only buy or sell usdjpy if the other positively correlated pairs are giving the same signal.

Trade recommendations:

If you're not short already, wait for minor retracements to the just broken line to go short with an ideal target at 100.54.

FreshForex cancels commissions!

Bob Stan
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