Bearish momentum developing | 01 Noviembre 2016

01 Noviembre 2016, USD/JPY

Bearish momentum developing

Wave Analysis

Yesterday, the motive wave (a) retraced lower than expected and even tested the 61.8 Fib level. We expect the level $105.22 to have marked the end of the corrective wave (b) that the current downward rally is the unfolding of the impulsive wave (c) towards the support level $104.01. This downward rally is highly anticipated since the other negatively correlated pairs, GBP/USD and EUR/USD are pretty much bullish and will likely continue long. This means, as long as the two latter pairs remain bullish, we look for potential short positions in Usd/jpy. These pairs have a strong negative correlation of up to -74% and will have an exact opposite price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 104.01

Bob Stan
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.