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Bears in control

Bears in control | 31 May 2017

31 May 2017, USD/JPY

Bears in control
Wave Analysis:
Perfectly as previously anticipated, following the minor correction of the impulsive wave (c) traded short but did not hit our target at 104.00. During this intraday, as long as 111.99 is not violated, we expect further extension of the impulsive (c) towards our previous target at 104.00. This view can only be invalidated in case the price end up breaking above 111.99, if this is the case, then an acceleration to the upper side is inevitable. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY and NZDJPY. These pairs have a strong positive correlation of up to +65% and will move in the same direction during this intraday.
Trade Recommendations:

Expect a possible bearish wave count towards 104.00

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Bob Stan
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