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We're short

We're short | 05 June 2017

05 June 2017, USD/JPY

We're short

Wave Analysis:

Following the bullish correction towards the resistance level 111.82, the price got rejected from this level and is currently heading short. We expect the massive downward rally that began few days ago to be the unfolding of the impulsive wave (c) to the lower side but should not go beyond 108.26, a break below this support will push the price further to the lower side but should not go beyond 100.54. Expect a similar wave count in CHFJPY, CADJPY and NZDJPY. These pairs have a strong positive correlation of up +85% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 100.44

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Bob Stan
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