26 July 2017, USD/JPY
Wave Analysis
During the previous trading day, the Us Dollar pulled back higher than expected and even broke above 111.164 but is currently rallying around a key resistance level 112.003, as long as this level protects the upper side, we expect a possible rebound from this level to short this pair with an ideal target at 104.402. This view can only be invalidated in case the price breakout above 112.003, if this should be the case, then an impulsive bullish wave count towards 114.999 will be inevitable. Expect a similar wave count in CADJPY, CHFJPY, EURJPY, NZDJPY and HKDJPY. These pairs have a strong positively correlation of up to +65% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible rebound from 112.003 to short this pair towards 104.402
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