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A break below 115.38

A break below 115.38 | 12 January 2017

12 January 2017, USD/JPY

A break below 115.38

Wave Analysis:

Instead of going long as previously forecasted, the pair traded massively short and even formed a bearish engulfing candle yesterday around 16:00. Following the break below the short term support level 115.38, we expect minor retracements towards 115.34 to give us low risk sell opportunities. However, if the US Dollar can end up above 115.38, then a bullish acceleration towards the 118 will be inevitable. Expect a similar wave count in HKDJPY, CADJPY, GBPJPY and NZDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor pullbacks towards 115.38 to go short with an ideal target at 113

Bob Stan
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