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We're short

We're short | 28 December 2017

28 December 2017, USD/JPY

We're short

Wave Analysis:

Earlier today, a significant move was seen to the lower side. This is merely the continuation of the impulsive wave (c) to the lower side and should not break below the lower trend line. On the daily chart above, we expect a possible extension of the impulsive wave (c) to the lower side but should first break below 111.49 before eventually heading towards 108.00 This view can only be rendered futile in case the price breaks above trend line, this being the case, we expect a possible bullish price movements to the upper side towards 118.80. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and HKDKPY. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendations:

Remain short with an ultimate target at 108.00

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Bob Stan
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