30 December 2016, USD/JPY
Wave Analysis:
As previously forecasted, the US Dollar broke below the support level 116.71, headed perfectly short but has currently retraced back to it. As long as as this level,116.71, limits any invasion to the upper side, we expect to continue short with the impulsive wave (c) and should not go beyond 114.95. Any clear breakout below 114.47 may culminate into further bearish wave count with the next ideal target at 112.800. This view can only be invalidate in case the current pullback end up above 116.71, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in USDCHF, and HKDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendation:
We're short as long as the pair remains below 116.71. Buy positions are only ideal above 118.19 with a target at 124.00.
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