02 января 2018, USD/JPY
Wave Analysis:
After a rebound from the upper trend line, the Us dollar has dropped significantly and should start to correct itself anytime from now. Recently, the impulsive wave (c) extended slightly to the lower side and should extend further to the lower side with the first target at 110.70 and the next target at 107.10. This view can only be invalidated incase the price break above the upper trend line, this being the case, we expect a possible bullish price movements towards 118.80 or even higher. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction only buy or sell the us Dollar if the other pairs are giving the same signal.
Trade Recommendation:
Short US dollar now towards 110.70.
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