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We're short towards 100.52

We're short towards 100.52 | 01 March 2018

01 March 2018, USD/JPY

We're short towards 100.52

Wave Analysis:

The US dollar is currently rallying with an increasing bearish momentum. During the previous trading day, the impulsive wave (5) extended considerably to the lower side and should break below 105.85 before continuing to the lower side towards 100.52. On the weekly chart, this pair is very much bearish and chances of continuing to the lower side are very high. Thus, we'll be waiting for few corrections to the upper side to pick short positions with ultimate target being set at 100.52. This pair should be traded alongside CADJPY, CHFJPY and NZDJPY. These pairs may move in the same direction today.

Trade Recommendation:

We're short towards 100.52

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Bob Stan
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