17 August 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a slight bullish bias. Yesterday, the pair broke below it's rectangular formation, headed short but is currently retracing towards a key level 100.71. We are waiting for the current corrective wave (b) to end around 100.91-100.71, then we'll sell wave (c) towards 99.033. Ideally, we consider the current upward rally to be a mere retracement and should not go beyond 100.91 from where will be looking for long risk sell opportunities. This pair should be traded alongside CAD/JPY, NZD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear rebound from 100.71-100.91 to go short with an ideal target at 99.033.
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