01 February 2017, USD/JPY
Wave Analysis
Yesterday, the US Dollar broke below a key short term support level 113.30 but has currently retraced back to it. We expect the current upward correction to be the continuation of the corrective wave (4) but should not go beyond 113.30 from where we'll be looking to sell the impulsive wave (5). As long as the pair remains below 113.30, we expect a bearish momentum towards 112.08 or even lower. Any clear breakout above 113.30 may render futile the anticipated bearish price action and could push the price further to the upperside. Expect a similar wave count in CADJPY, NZDJPY, and USDCHF, these pairs have a strong positive correlation of up to +72% and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear bearish rebound from 113.30 to go short with an ideal target at 112.08.
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