07 August 2017, USD/JPY
Wave Analysis:
Despite our previous expectations that the US Dollar could drop even further, the impulsive wave (5) got corrected to the upper side but could not extent above 111.27. That said, as long as the price remains below 111.27, we expect a possible rebound from 111.27 to short Us Dollar with an ideal target 108.40. IF the price can rise towards 112.003, then this will be the best place to short this pair. Expect a similar price action in USDCHF, AUDJPY, NZDJPY, CADJPY and CHFJPY. These pairs haves have a strong positive correlation of up to +58% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible rebound 111.27 to sell Us Dollar towards 108.40.
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