01 March 2017, USD/JPY
Wave Analysis
As previously forecasted, the US Dollar dropped almost 100pips but could not go lower than 111.80. We expect the bullish pin bar witnessed on the daily chart to be the unfolding of an impulsive wave count towards 113.86. A break above this level will push the price further to the upper side but should go beyond 114.95. A break above this level will push the price further to the upper side. In the meantime, we're waiting for minor retracements to the lower side to give us low risk buy opportunities. As long as we're bullish in this pair, we choose to remain bearish on eurusd and gbpusd. These pairs have a strong negative correlation of up to -85% and will have a exact opposite price action during this intraday.
Trade Recommendations:
Remain long with the first target at 113.86. A break above this level will push the price further to the upperside with our next target at 114.95.
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