23 November 2017, USD/JPY
Wave Analysis:
During the previous trading day, the impulsive wave (E) extended massively to the lower side and is still pretty much bearish. Today, we expect a possible bearish price rally with an ultimate target along the lower trend line. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lower side but should not go beyond 109, by the close of today's trading. This view can only be invalidated in case the price breaks above the upper trend line, if this is the case, then further rise towards 118.00 is expected. These pairs have a strong positive correlation of up to +82% and will move in the same direction during this intraday. Only buy or sell usdjpy if the other pairs are giving the same signal.
Trade Recommedations:
We're short with an ultimate target along the lower trendline.
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