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Expect a rebound from 112.186-111.09 to go short with an ideal target at 100.0

Expect a rebound from 112.186-111.09 to go short with an ideal target at 100.0 | 02 May 2017

02 May 2017, USD/JPY

Expect a rebound from 112.186-111.09 to go short with an ideal target at 100.0

Wave Analysis:

During the previous trading week, the corrective wave (b) extended higher as expected but is currently rallying around our sell zone 112.186-111.09. As long as this zone protects any invasion to the upper side, we expect a possible rebound from this level to sell the impulsive wave (c) at low risk. This view can only be invalidated in case the pair end up above 112.166, if this is the case then an acceleration to the upper side is inevitable. Expect a similar wave count in EURJPY, AUDJPY, CADJPY and NZDJPY. These pairs will have a similar price action during this intraday. Only buy or sell the US dollar if the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Expect a possible rebound from 112.186-111.09 to go short with an ideal target at 100.54.

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Bob Stan
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