03 January 2017, USD/JPY
Wave Analysis:
Earlier today, the US Dollar retraced slightly to the lower side but could not go beyond the short term support level 117.15. We expect the current upward rally to be the unfolding of the impulsive wave (5) to the upper side but should not go beyond the zone 118.03-118.19; from where we'll be looking for a possible rebound to go short. Ideally, we expect a double top formation on the daily chart around this zone, otherwise, any clear breakout above 118.63 will invalidate a possible double top formation and could lead to an acceleration to the upper side. Expect a similar wave count in USDCHF, CADJPY, and NZDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Conservative traders should wait for a clear rebound from 118.03-118.19 to go short. Buy positions are only recommended above 118.63 with an ideal target at 121.00.
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