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Still Short

Still Short | 29 December 2017

29 December 2017, USD/JPY

Still Short

Wave Analysis:

During the previous trading day, the impulsive wave (c) trading massively to the lower side but is still way above our first target set at 110.70. During this intraday, we expect further momentum to the lower side and should not go beyond the lower supportive trend line. The anticipated bearish price rally is merely the continuation of the impulsive wave (c) to the lower side but should first break below 110.70 and the next target at 108.00. This pair has a strong positive correlation of up to +53 to CADJPY, CHFJPY, AUDJPY, HKDJPY and USDCAD. These pairs will move in the same direction during this intraday. Only buy or sell the US dollar if the other pairs are giving the same signal.

Trade Recommendations:

We're still short with our first target at 110.70 and the next at 108.00

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Bob Stan
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