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US Dollar still in a corrective mode.

US Dollar still in a corrective mode. | 19 April 2017

19 April 2017, USD/JPY

US Dollar still in a corrective mode.
Wave Analysis:
The corrective wave (iv) continues to retrace to the upper side but should not go beyond the short term resistance level 109.05; from where we'll be looking for low risk sell opportunities. If you're not short already, you could short the US Dollar now, or you could wait and sell upon the completion of the corrective wave (iv) around 109.05. The anticipated sell position is the continuation of the impulsive wave (v) and should not go beyond 100.54. Expect a similar wave count in CADJPY, NZDJPY, and AUDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

If you're not short already, you wait and short after the current pullback with an ideal target at 100.54

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Bob Stan
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