Still short | 26 يناير 2018

Wave Analysis:

After a slight drop in price last week, we saw a correction to the upper side today, but could not go beyond 109.65. During this intraday, and even during next week, we expect a possible extension of the impulsive wave (5) to the lower side with an ultimate target at 100.00 or even lower. Alternatively, you could wait for a correction towards 110.39 to pick a short position with an ultimate target at 100.00. Buy positions can only be recommended in case the price clearly break above 110.39 or even higher. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +49% and may move in the same direction today.

Trade Recommendations:

Remain short with an ultimate target at 100.00