Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Expect a possible bearish rebound around 118.03

Expect a possible bearish rebound around 118.03 | 03 January 2017

03 January 2017, USD/JPY

Expect a possible bearish rebound around 118.03

Wave Analysis:

Earlier today, the US Dollar retraced slightly to the lower side but could not go beyond the short term support level 117.15. We expect the current upward rally to be the unfolding of the impulsive wave (5) to the upper side but should not go beyond the zone 118.03-118.19; from where we'll be looking for a possible rebound to go short. Ideally, we expect a double top formation on the daily chart around this zone, otherwise, any clear breakout above 118.63 will invalidate a possible double top formation and could lead to an acceleration to the upper side. Expect a similar wave count in USDCHF, CADJPY, and NZDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Conservative traders should wait for a clear rebound from 118.03-118.19 to go short. Buy positions are only recommended above 118.63 with an ideal target at 121.00.

.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.