07 February 2017, USD/JPY
Wave Analysis:
During the previous trading day, the US Dollar gaped below the support line 112.60, headed short and even formed a bearish pin bar around 16:00; following this pin bar the, pair traded massively short and is still pretty much bearish on both longer & shorter time frames, weekly, and 4H respectively. As long as the pair trades below 112.18, we expect a possible bearish momentum towards 109.06 or even lower but should not go beyond 105.20. Expect a similar price action in CADJPY, NZDJPY, and USDCHF. These pairs have a strong positive correlation of up to +89% and will have a parallel price movements during this intraday. Only buy or sell US Dollar if the other pairs are giving the same signal.
Trade Recommendations:
As long as the pair remains below 112.18, expect a possible bearish price movement towards 109.06.
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