18 January 2017, USD/JPY
Wave Analysis:
As anticipated, the US Dollar traded massively short after breaking below 114.01 but is currently pulling back to the upper side. We expect the current upward rally to be a mere correction and should not go beyond 114.01 from where we'll be looking for low risk sell opportunities. Thus, instead of going long, we choose to sit on the sidelines and only go short upon a clear rebound from 114.01. A break above 114.01 may invalidate the anticipated bearish price rally and could push the price further to the upper side towards 118. Expect a similar price action in CADJPY, and NZDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
If you're not long already, wait for the current correction to end around 114 then go short with an ideal target at 110.
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