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Expect a possible bearish price rally towards 111.09

Expect a possible bearish price rally towards 111.09 | 18 Diciembre 2017

18 Diciembre 2017, USD/JPY

Expect a possible bearish price rally towards 111.09

Wave Analysis:

From a wider perspective, the Us Dollar is within a falling wedge formation. This downward formation is a corrective three wave cycle and should not go beyond the lower supportive trend line. With that in mind, we expect a possible continuation of the impulsive wave (c) to the lower side and will continue further towards 111.09 or even lower to the just said trend line. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell this pair if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 111.09

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Bob Stan
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