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USDJPY still consolidation below 118.03

USDJPY still consolidation below 118.03 | 23 December 2016

23 December 2016, USD/JPY

USDJPY still consolidation below 118.03

Wave Analysis:

Instead of a correction towards 118.03, the pair entered into a bearish consolidation, only trading within the descending wedge. As long as the pair remains within this wedge, we're only interested in trading reversals, any clear breakout out of this wedge will call for a breakout trending depending on the direction. In the meantime, we choose to sit on the sidelines and wait for break below the wedge to continue short with the impulsive wave (c) towards 114.97. Any clear break above 118.19 may invalidate the anticipated downward rally and could culminate into a possible bullish wave count towards 124.00. Trade this pair alongside CADJPY, NZDJPY, AUDJPY and HKDJPY. This pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a possible break below the wedge to go short with an ideal target at 114.49. Buy positions are only recommended above 118.19 with an ideal target at 124.00.

Bob Stan
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