We're short | 05 Juni 2017
05 Juni 2017, USD/JPY
Wave Analysis:
Following the bullish correction towards the resistance level 111.82, the price got rejected from this level and is currently heading short. We expect the massive downward rally that began few days ago to be the unfolding of the impulsive wave (c) to the lower side but should not go beyond 108.26, a break below this support will push the price further to the lower side but should not go beyond 100.54. Expect a similar wave count in CHFJPY, CADJPY and NZDJPY. These pairs have a strong positive correlation of up +85% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 100.44
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
