Expect a possible rebound from 111.96 to short this pair towards 100
Expect a possible rebound from 111.96 to short this pair towards 100 | 09 June 2017
09 June 2017, USD/JPY
Wave Analysis:
During the previous trading day, the US Dollar retraced higher than expected and is still bullish on the daily chart. Nonetheless, we expect this upward rally to be a mere correction of the outer impulsive wave (c) and should not go beyond 111.96. If you went long during our previous forecast when the price was around 111.96, just hold onto this position. Alternatively, if you're not short already, you could wait for the price to hit 111.96 then short the impulsive wave (c) with your target still intact at 100. Expect a similar wave count in CADJPY, NZDJPY, AUDJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation of up to +67% and will move in the same direction during this intaday. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible rebound from 111.96 to short this pair towards 100.
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