15 December 2017, USD/JPY
Wave Analysis:
After the previous five wave cycle failing to break above 113.75, the US Dollar corrected itself downwards but is currently rallying around a key approaching a key support level 111.99. As long as this level is not violated to the lower side, we expect it to act as a key demand zone. Thus, any clear rebound from this level will call for a long position with an ultimate target at 114.00. Any violation of this level will lead to a possible bearish acceleration towards 111.35 and should move even further lower. This pair should be traded alongside CADJPY, CHFJPY, HKDJPY, and NZDJPY. These pairs have a strong positive correlation of up to +55% and will move in the same direction during this trading day.
Trade Recommendations:
On the sidelines but waiting for a buy upon a rebound from 111.99.
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