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The Us Dollar Retracing but should not go beyond 111.68

The Us Dollar Retracing but should not go beyond 111.68 | 24 March 2017

24 March 2017, USD/JPY

The Us Dollar Retracing but should not go beyond 111.68

Wave Analysis:

Despite our expectations to continue short, the corrective wave (b) continues to retrace to the upper side but is yet to hit our sell target. During this intraday, we still expect the corrective wave (b) to continue long but should not go beyond 111.68 from where we'll be looking to sell the impulsive wave (c) at low risk. The anticipated sell position should not go beyond 110.13, a break below this level will push the price further the lower side towards 109.02 and possibly towards 106. This pair should be traded alongside CADJPY, NZDJPY, and HKDJPY. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday.

Trade Recommendations:

Wait for a clear rebound from 111.68 to go short with an ultimate target at 106.62

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Bob Stan
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