Looking to sell upon a clear rebound from 115.38 | 13 January 2017

Wave Analysis:

Yesterday, US Dollar yesterday broke below 115.38, headed massively short but is currently tracing back to the upper side. We expect a the current upward rally to be a mere pullback and should not go beyond 115.38, from where we'll be looking for low risk sell opportunities. A clear progression above 115.61 may mean we're continuing to the upper side but should not go beyond 118. Expect a similar wave count in CADJPY, NZDJPY, and HKDJPY. These pairs have a strong positive correlation of up to +78% and will have a similar price action during this intraday. Only buy or sell usdjpy if the other pairs are giving the same signal.

Trade Recommendations:

Wait for a clear rebound from 115.38 to go short with an ideal target at 113