20 April 2017, USD/JPY
Wave Analysis:
Yesterday, the corrective wave (iv) traded on the higher ranges but is still below our retracement line 109.03. Unless this line is clearly breached, we remain reluctant to execute buy orders, instead, we choose to sit on the sidelines and only hunt for short orders. The anticipated sell position is the continuation of the impulsive wave (v) and should not go beyond 100. Expect an exact similar wave count in CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +86% and will move in the same directyion during this intraday. Only buy or sell US Dollar if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 100.
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