05 May 2017, USD/JPY
Wave Analysis:
After breaking above 111.92 on 3rd May, this pair accelerated to the upper side but is currently retracing back to the just broken level. Unless there's a clear bearish wave count breaking below 111.63, we expect a possible rebound from around 111.92-111.63 to buy this pair at low risk. Ideal, a rebound from zone will culminate into a possible impulsive bullish wave count towards 115.04 ore even higher. A break below 111.63 will push the price lower but should not go beyond 100.54. Expect a similar wave count in CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain flat for now and expect a possible rebound from 111.92 to long USDJPY with an ideal target at 115.040.
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