Bears on the wheel | 26 May 2017
26 May 2017, USD/JPY
Wave Analysis:
Despite the bullish engulfing candle seen on 23rd of this month, the price could not rise above the level 111.90, instead, the pair consolidated around this zone and is currently showing signs of possible momentum to the lower side. As long as the level 111.90 protects any invasion to the lower side, we expect a possible bearish price rally towards 100.00. Expect a similar wave count in CADJPY, AUDJPY, CHFJPY and NZDJPY. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday.Expect a possible bearish price rally towards 100.00
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
