We went short from 111.90 | 04 April 2017

Wave Analysis:

As previously stated on the previous week's forecast, the corrective wave (ii) could not go higher than 111.69, instead, the price bounced off from this level and is currently showing potential signs of momentum to the lower side. We went short following the rebound from 111.69 and is still holding on to this sell positions. We expect this downward rally to be the unfolding of the impulsive wave (iii) and should break below 109.025. If this is the case, then we'll wait for a retracement to the just broken level to pick further low risk sell opportunities. Expect a similar wave count in CADJPY, AUDJPY, and NZDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish momentum towards 109.025.