17 January 2017, USD/JPY
Wave Analysis:
Despite the bullish engulfing candle witnessed yesterday at 08:00, the usdjpy failed to sustain the rebound above 114.02, and has currently broken below 114.02 with a big red candle. We expect further bearish momentum as long as the pair remains below 114.02. In the meantime, we're waiting for minor pullbacks towards the just broken support level to give us low risk sell opportunities. with an ideal target at 111.90. This view can only be invalidated in case the pair end up above 114.02, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in CADJPY, NZDJPY and AUDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
If you're not short already, wait for minor pullbacks towards 114.02 to go short with an ideal target at 111.90.
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