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Waiting for a rebound around 111.52

Waiting for a rebound around 111.52 | 30 June 2017

30 June 2017, USD/JPY

Waiting for a rebound around 111.52

Wave Analysis

Yesterday, the US dollar daily candle opened at 112.28, went as high as 112.92 and as low as 111.80 but ended up closing at 112.16, just few pips below it's opening price. We expect the previous day's highest high 112.92 to have marked the end of the impulsive wave (iii), that the current downward rally is the unfolding of the corrective wave (iv) and should not go beyond the end of the impulsive wave (i), 111.52; where we'll be looking to buy the impulsive wave (v) with an ideal target at 114.92. This view can only be invalidated in case the current correction end up below 111.52, if this is the case, then a rally to the lower side is inevitable. Expect a similar wave count in CADJPY, AUDJPY and CHFJPY.

Trade Recommendations:

Wait for a rebound around 111.52-112.10 to buy this pair towards 114.91

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Bob Stan
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