25 января 2018, USD/JPY
Wave Analysis:
Yesterday, the impulsive wave (5) extended massively to the lower side and is very much bearish on the daily and the weekly charts. Today, and in the next few day.s we expect a possible extension of this wave to the lower side and should break below 108.65 towards 100.00. In case of a correction to the upper side, then the best place to sell this pair will be around 110.39 with your take profit at 100.00. This pair should be traded alongside CADJPY, NZDJPY CHFJPY and HKDJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction today. Only buy or sell the us dollar if the other positive correlated pairs are giving the same signal.
Trade Recommendations:
Remain short towards 100.00
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