Remain short | 28 February 2018

Wave Analysis:

The Impulsive wave (5) continues to extend to the lower side, perfectly as previously forecasted, but is yet to hit our target set at 104.65. Today and in the next few days, we expect a possible extension of this impulsive wave to the lower side and should break below 104.65 towards 100.00. On the 4 hour chart above, we recommend looking for a low risk sell opportunity, however, should the price break above 107.65, then we expect further bullish price movements towards 110.65. This pair should be traded be traded alongside CADJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation of up to +53% and will move in the same direction today.

Trade Recommendations:

Remain short towards 100.00