08 February 2017, USD/JPY
Wave Analysis:
Despite the bearish engulfing candle seen yesterday at 16:00, the US Dollar retraced massively to the upper side but is yet to reach our key short resistance level at 112.68. Instead of going short immediately, we choose to sit on the sidelines and only execute sell orders upon a clear rejection from 112.6, any clear breakout above 112.7 may invalidate the anticipated downward rally and could push the price further to the upper side towards 113 or even higher. In the meantime, as long as the pair remains below 112.6, we hold onto a bearish bias sentiment on this pair. Expect a similar price action in CADJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +78% and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair remains below 112.6, expect a possible bearish price movements.
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