05 января 2018, USD/JPY
Wave Analysis:
The US Dollar continues to pullback upwards despite Monday's forecast that it could continue falling. During this intraday and earlier next week, we expect a possible extension of this correction to the upper side but should not break above the upper trend line. If the upper trend line is broken, then we expect a possible bullish momentum towards 118.00. On the daily chart above, we we're still short with the impulsive wave (E) towards 108.33. 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.
Trade Recommendations:
Flat
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