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Waiting for a rejection from 111.904.

Waiting for a rejection from 111.904. | 26 June 2017

26 June 2017, USD/JPY

Waiting for a rejection from 111.904.

Wave Analysis:

For the past four days, the US dollar has been trading bearish but in peanuts. Expected a possible rebound from 111.904 to short the impulsive wave (c) towards 105.173 but as it appears, the US Dollar is yet to hit this target, 111.904 but could head to the lower side. The current chart set up and structure is pretty much bearish and buying or holding on to a long position may not necessarily be the best choice, but if price can clearly break above 111.904, then this will be the best place to buy this pair. Expect a similar wave count in CHFJPY, USDCHF, CADJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations
Wait for a clear rebound from 111.904 to short this pair towards 105.173

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Bob Stan
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