23 June 2017, USD/JPY
Wave Analysis:
For almost a week now, the US Dollar only rose on Monday but has been consolidating below 111.904 since then. We're waiting for a clear rebound from 111.904 to short the impulsive wave (c) to the lower side. Otherwise, if the price can clearly break above 111.904, then we may consider long positions with an ideal target at 115.255. But as it is, sell positions can be recommended especially as long as 111.904 shield the upper side. Expect a similar wave count in CHFJPY, USDCHF, CADJPY, NZDJPY and HKDJPY. These pairs have a strong positive correlation of up to +71% and will have a similar price action during this intraday. Only buy or sell USDJPY if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Look for sell positions especially below 111.904 with an ideal target at 109.171
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