Still bearish but expect corrections | 16 November 2017

Wave Analysis:

During the previous trading day, the impulsive wave (E) extended slightly to the lower side, but is yet to hit our target take profit set along the lower trend line. As long as the upper resistive trend line protects the upper side, we expect a possible bearish price rally towards 109 or even lower to 106. That said, if the price can correct itself slightly to the upper side, then we will consider a short position. Should the price break above the upper trend line, then, we expect a bullish price rally towards 123.23. This pair should be traded alongside CADJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction during this trading day.

Trade Recommendations:

We're still bearish with our target along the lower trendline