05 July 2017, USD/JPY
Wave Analysis:
During the previous trading day, we witnessed a minor correction of the impulsive wave (v) but could not go any lower than 112.46. During this intraday, we expect a possible extension of the impulsive wave (v) to the upper side but should not go beyond resistance level 114.91. The current chart set up and structure is pretty much bullish and selling, or holding onto a short position in this pair may not be the best choice, at least not now. If you're not long already, you could wait for break above 114.91 to buy this pair at the least risk possible, alternatively, you could wait and short this pair upon a rebound from 114.91 with an ideal target at 112.10. Expect a similar wave count in CHFJPY, CADJPY, AUDJPY and NZDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 114.91
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