Possible bearish price rally | 13 September 2016

Wave Analysis

Unfortunately, our stop got hit when we bought this pair above 101.92 but the price went below 101.56. As long as the level 101.92 protects the upper side, we expect a possible bearish price rally to the lower side. The anticipated downward rally should be the completion of the impulsive wave (c) towards 100.27 or even lower. Trade this pair alongside EUR/JPY, USD/CHF, GBP/JPY, and AUD/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

As long as the level 101.92 protects the upper side, look for potential short positions with an ideal target at 100.27.