27 December 2017, USD/JPY
Wave Analysis:
The US Dollar is perfectly rebounding from the upper resistive trend line. As long as this trend line protects the upper side, this is a perfect sell zone, we expect further bearish movements but should not go beyond the lower trend line. This view can only be invalidated in case the price end up breaking above the upper side, this being the case, we expect a possible bullish price movements with an ultimate target at 118.80. If this target is violated, then further rise towards 123.21 is expected. This pair will have a similar price action to CADJPY, CHFJPY, NZDJPY, AUDJPY and GBPJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.
Trade Recommendations:
Remain short with your target along the lower trend line.
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