19 Diciembre 2017, USD/JPY
Wave Analysis:
The US Dollar is still pretty much within the descending wedge formation. As long as the price remains within this this wedge, we expect a possible bearish price rally towards 106.04 and could break even lower. Since the massive drop seen last week, no significant move has been seen this week, already, we're preparing for this drop especially if the price should correct itself upwards towards the upper resistive trend line. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side towards the lower trend line acting as the support to the descending wedge formation. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Expect a possible bearish price rally towards 108 but should not go beyond the lower trend line.
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