09 February 2017, USD/JPY
Wave Analysis:
During the past week, The US Dollar broke below the support level 112.57, headed short but is currently consolidating within the falling wedge. As long as the pair remains within this wedge, we're only interested in trading reversals. Any clear break out of this wedge will call for a breakout trading depending on the direction of the breakout. Ideally, we expect a break below the wedge to continue short towards 110.74 or even lower. Any clear break above the wedge will mean waiting for a break above 112.57 to confirm the continuation of the upward rally. Expect a similar wave count in NZDJPY, USDCHF, CADJPY and AUDJPY. These pairs have a strong positive correlation of up to +81% and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair remains below 112.57, expect a break below the wedge to go short with an ideal target at 110.74.
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