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US Dollar retracing to the upperside

US Dollar retracing to the upperside | 30 January 2017

30 January 2017, USD/JPY

US Dollar retracing to the upperside
Wave Analysis
Ealier today, the US Dollar gaped tp the lower side, traded massively short but is currently pulling back to the to the upperside. We expect the current upward rally to be the unfolding of the corrective wave (b) and should not go beyond the resistance level 115.22 from where we'll be looking to sell the impuslive wave (c) towards 113.22. Any clear break above 115.22 will mean we're heading to the upperside but should not go beyond 121.27. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and USDCHF. These pairs have a strong poistive correlation of up to +83% and will have a similar price action during this intraday. Only buy or sell the US Dollar if the other pairs are giving the same signal.

Trade Recommedations:

Conservative traders should wait for a clear rebound from 115.22 to go short with an ideal target at 113.22

Bob Stan
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