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US Dollar in a corrective mode

US Dollar in a corrective mode | 24 April 2017

24 April 2017, USD/JPY

US Dollar in a corrective mode

Wave Analysis:

Earlier today, US Dollar gaped to the upper side and could still trade to the upper side for the rest of this day. The current upward rally is the continuation of the corrective wave (b) and should not go beyond 111.94 from where we'll be looking to sell the impulsive wave (c) towards 100.54. If you went short around 111.94 during our previous forecasts, you should hold onto this short position. At the moment, buying this pair or holding onto a buy positions can only be recommended up to 111.94. This upward gap has been seen in the other positively correlated pairs such as CADJPY, AUDJPY and NZDJPY. When you'll be looking to sell USDJPY around 111.94, also sell the others positively correlated pairs.

Trade Recommendations:

Sell upon a clear rebound from 111.945

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Bob Stan
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