24 January 2017, USD/JPY
Wave Analysis
As anticipated, the pair traded short but is currently stalling above 112.54. This is a key support level and unless there's a clear breakout below this level, we choose to sit on the sidelines and expect a possible rebound from this level to go long towards 114.04. A big red candle closing below this level will mean a possible breach of this level and could push the price further to the lower side but should not go beyond 111. Ideally, as long as this level protects the lower side, we expect a possible double bottom formation around this level to go long. Expect a similar price action in NZDJPY, CADJPY and AUDJPY. These pairs have a strong positive correlation of up to +75% and will have a similar price action during this intraday. Only buy or sell the US Dollar if the other pairs are giving the same signal.
Trade Recommendations:
As long as the level 112.54 protects the lower side , expect a possible rebound around this level to go long with an ideal target at 114.01. A break below 112.44 will call for short positions with our target at 111.
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