04 August 2017, USD/JPY
Wave Analysis
During the previous trading day, the impulsive wave (5) extended lower as previously forecasted and is still bearish. We expect a possible bearish extension of this impulsive wave, especially after breaking below 109.37. if this level is broken, the US dollar could drop further with next ideal target at 108.40. With that in mind, during this intraday, we're only interested in short positions towards 108.40, buying or holding on to a long position in this pair may not be the best option. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and USDJPY. These pairs have a strong positive correlation and will move in the same directio during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 108.40
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