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USDJPY around our sell zone 111.94-111.69

USDJPY around our sell zone 111.94-111.69 | 27 June 2017

27 June 2017, USD/JPY

USDJPY around our sell zone 111.94-111.69

Wave Analysis:

During the previous trading day, the US Dollar spiked upwards and even ended up within our previous sell level 111.94. As long as this level protects the upper side, we expect a possible rebound from this level to short the impulsive wave (c) with an ideal target at 104.00. A break above 112.13 may invalidated the anticipated downward rally and could culminate into a possible bullish price movements with an ideal target at 114.91. Expect a similar wave count in CADJPY, CHFJPY, and HKDJPY. these pairs have a strong positive correlation of up to +71% and will move in the same direction.

Trade Recommendations:

Wait for a clear sell signal below 111.94. Buy positions can only be recommended above 111.94 with an ideal target at 114.91.

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Bob Stan
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