Still further corrections | 28 September 2017

Wave Analysis:

For the past 4 trading days this pair has been in a constant downtrend and is still showing signs of continuing further to the lower side. As long as the pair remains below 1.17581-1.17474, we expect a possible extension of the impulsive wave (5) to the lower side but should not go beyond 1.1715 where we'll be looking to re-buy this pair at the least risk possible. If the zone 1.17581-1.17474 is violated to the upper side, then a bullish wave count towards 1.20100 will be the ideal target. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and USDJPY. These pairs have a strong negative correlation of up to -63% and will move in opposite directions during this intraday.

Trade Recommendations:

We're still short with an ideal target at 1.1715