sellers zone | 26 February 2018

26 February 2018, USD/JPY

sellers zone

Wave Analysis:

Last week, the US Dollar pulled back upwards and even hit the high of 107.91, but ended up shedding almost 80% the value it gained. Last week's candle is a possible bearish continuation candle and as long as the price remains below 106.90, we expect a possible bearish price rally with an ultimate target at 100.73. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lower side but should not go below the just mentioned target. This pair should be traded alongside CADJPY, HKDJPY, CHFJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.
Trade Recommendation:
Remain short with an ultimate target at 100.73

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Bob Stan
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