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Bears preparing to take control

Bears preparing to take control | 23 May 2017

23 May 2017, USD/JPY

Bears preparing to take control
Wave Analysis
For the past few trading days, US dollar has been pulling back to the upper side after breaking below 111.70 but in vain. As long as the level 111.70 protects any invasion to the upper side, we expect a possible bearish price movements towards 100.19. This view can only be invalidated in case the pair end up above, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in CHFJPY, CADJPY, EURJPY and AUDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:

Expect a possible bearish price movements towards 100.14.

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Bob Stan
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