04 Octubre 2017, USD/JPY
Wave Analysis:
Earlier the previous trading day, the impulsive wave (3) extended slightly to the upper side before coming to an sudden halt around 113.19. We expect the downward rally that began yesterday to be a mere correction of the impulsive wave (3) to the lower side but should not go beyond the support zone 112.290-112.15, where we'll be looking to re-buy the impulsive wave (3) to the upper side but should not go beyond the resistance level 114.00. If this level is broken, then the price could rise even further towards 121.00. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY, and NZDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction during this intraday.
Trade Recommendations:
Re-buy this pair around 112.290-112.15 with an ideal target at 114.00.
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