15 March 2017, USD/JPY
Wave Analysis:
Yesterday, the US Dollar merely tested the previous day's retracement level 114.85 but has currently pulled back below it. This is a key short term pivot level and unless there's a clear breakout above it, we choose to hold onto a bearish bias sentiment on this pair. Ideally, as long as this level protects any invasion to the upper side, we expect a possible rebound from this level to continue short the impulsive wave (c) towards 113.68 or even lower. This pair should be traded alongside USDCHF, NZDJPY and CADJPY. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 114.65 to go short with an ideal target at 113.64.
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