18 May 2017, USD/JPY
Wave Analysis:
Unfortunately, the impulsive wave (v) could not extend higher to 115.040, instead, it ended slightly below this level before price dropping slightly below 111.92. As long as the price remains below 111.92, we expect a possible bearish price rally towards 100.54 or even lower. From the current chart set up and structure, the breakout above 111.92 on 1st of this month was mere false break above and therefore, we expect to continue short now that the price is below this level. The anticipated bearish price rally is the continuation of the impulsive wave (c) but should not go beyond 100.54. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 100.54.
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