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We went short from 110.94 and still holding

We went short from 110.94 and still holding | 14 April 2017

14 April 2017, USD/JPY

We went short from 110.94 and still holding

Wave Analysis:

The impulsive wave (iii) continues to rally to the lowerside and should be extensive in nature. We're waiting for a clear break below 109.03 and then a retracment to the just broken level to give us further low risk sell opportunties. Ideally, we're waiting for a clear indication that the corrective wave (iv) is over so that we short the impulsive wave (v) towards 100.54 or even lower. This view holds true as long as the pair remains below 109.03, if the price can pullback to the upperside, then 111.94 will be the best place to pick low risk sell opportunties. Expect a similar wave count in CADJPY, NZDJPY, EURJPY and SPX500. These items will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 100.54.

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Bob Stan
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