Almost a fortnight ago, the corrective wave (4) corrected itself upwards but could not rise above the resistance line 110.863. We expect this level to have marked the end of this bullish correction, that the current bearish price rally is the continuation of the impulsive wave (5) to the lower side but should not go beyond 101.16. If this level is broken, then the price could fall even further. In the meantime, we're keenly waiting for a break below 108.42 to confirm a possible bearish price rally towards our previous target set at 101.16. While we'll be looking to resell usdjpy around 109.56, we'll equally be looking to sell chfjpy around 114.29. These two pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Wait for break below 108.42 to short usdjpy towards 101.16
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