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We're still short

We're still short | 11 Abril 2017

11 Abril 2017, USD/JPY

We're still short

Wave Analysis:

Yesterday, the corrective wave (ii) ended a bit earlier than expected and could not hit our target rebound level at 111.945. We expect the bearish pin bar that was seen yesterday(on the daily) to be an onset of the impulsive wave (iii) and should break below 109.02. If this is the case, then we're waiting for the corrective wave (iv) to retrace back to the just broken level to continue short with the last motive wave (v) towards 100.54. This pair should be traded alongside CADJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation of up to +89% and will move in the same direction during this intraday.

Trade Recommendation:

Expect a possible bearish price rally towards 109.025.

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Bob Stan
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