07 September 2017, USD/JPY
Wave Analysis
Despite the previous forecast that the impulsive wave (c) could extend to the lower side , a slight bullish rally was seen with the daily candle closing almost 50 pips above its opening price. We expect this upward rally to be a mere correction of the impulsive wave (c) but should not go beyond 110.72. If you sold the US Dollar around 110.72, hang onto this pair. But if you're yet to pick a short position, you could wait for a rise towards 110.72, and then a rebound from this level to sell the US Dollar. This pair should be traded alongside USDCHF, HKDJPY, CADJPY and CHFJPY. These pairs will have a similar price action during this intraday. Only buy or sell USDJPY if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain short.
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