14 July 2017, USD/JPY
Wave Analysis:
Following the massive drop seen on 7th July this month, the pair failed to continue short and is still pulling back upwards. We expect the current upward rally to be the unfolding of the corrective wave (b) upwards but should not go beyond 114.09, from where we'll be looking to short the impulsve wave (c) at the least risk possible. The anticipated bearish wave count should extend lower but should not go beyond the daily support level 111.904. A break below this level may culminate into a possible extension of this impulsive wave to the lowerside but should not go beyond 109.515. Expect a similar wave count in USDCHF, CADJPY, AUDJPY, EURJPY and CHFJPY. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday.
Trade Recommendations:
In the long run, Expect a possible bearish price rally towards 112.900
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