17 May 2017, USD/JPY
Wave Analysis:
The impulsive wave (5) ended a bit earlier than expected and could not hit our target at 115.040. We expect the upward rally that began few days ago to be a correction of the immediate five wave cycle and could break below 111.94 towards 100. In the meantime, we expect further momentum towards 111.92 from where we'll be looking for low risk buy opportunities. A break below 111.92 will push the price further to the lower side towards our previously forecasted target at 103.26. Expect a a similar wave count in NZDJPY, CADJPY, CHFJPY and HKDJPY. These pairs will have a similar price action during this intraday, only buy or sell USDJPY if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 111.92.
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