06 March 2017, USD/JPY
Wave Analysis:
On Friday the previous trading day, the US dollar fell drastically but could not go beyond the support level 113.86. Unless there's a clear break below this level, we choose to remain flat momentarily and only go below 113.50. This downward rally is highly anticipated since the other negatively correlated pairs, GBPUSD, EURSD and AUDUSD are pretty much bullish and will move in an exact opposite direction during this intraday. Any clear rebound above 113.86 may invalidate the anticipated bearish price movements and could push the price to the upper side but should not go beyond 118.00.
Trade Recommendations:
Remain flat momentarily and only go short upon a clear break below 113.79 with an ideal target at 112.71.
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