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Corrections but bears still in control

Corrections but bears still in control | 08 June 2017

08 June 2017, USD/JPY

Corrections but bears still in control
Wave Analysis:
Yesterday, the correction of the impulsive wave (c) went a bit higher than expected and even nearly closed above our target turn around level 108.78. As long as this level is not violated to the upper side, we expect a possible rebound from this level to short the US Dollar towards our previous target at 100.04. Any retracements above 108.74 will mean waiting for price to reach around 110.68 where we expect another possible rejection. However, as the chart is at the moment, we expect a rally to the lower side. Expect a similar price action in CADJPY, CHFJPY, EURJPY and HKDJPY. These pairs have a strong positive correlation of up to +61 and will move in the same direction during this intraday.
Trade Recommendations:

Wait for the current pullbacks to end then short this pair towards 100.4

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Bob Stan
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