18 октября 2017, USD/JPY
Wave Analysis
USDJPY has been bearish following an equidistant channel. After being resisted from the upper side of the channel, it is still showing signs of moving downwards in the long run. The current upward move is expected to end soon and bears should retaliate soon pushing price downwards. Price is expected to follow the impulsive wave (E) which is expected to extend further downwards up to the lower side of the channel at 107.14. We should be selling USDJPY along the upper trend line with our target at 107.14. If it breaks above the upper side, this bearish move will be invalidated and instead price could rally upwards instead. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY, CHFJPY And HKDJPY since they have a strong positive correlation.
Trade Recommendations
Sell USDJPY around the upper trend line towards 107.14
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