Remain short towards 108.322. | 23 Agustus 2017

Wave Analysis

Instead of continuing short, the price pulled back upwards but is still bearish on the higher time frames. During this intraday, we expect a possible extension of this impulsive wave (v) but should not go beyond 108.322, if this level is broken, the we expect a possible bearish rally towards 104.00. According to the current chart set up and structure, this pair is still bearish, but if the price rebound from 108.322 or breaks above 112.003, then we'll be looking for long positions. This pair will have a similar price action to USDCHF, CADJPY, CHFJPY and NZDJPY. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday.

Trade Recommendations:

Remain short towards 108.322.