03 June 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bearish bias. yesterday, the pair traded short as previously forecasted but could not close below 108.58. Earlier today, the pair retraced to the upper side but ended up being rejected from the upper resistive trend line forming top of the falling channel. We still anticipate further acceleration to the lower side but should not close below 108.58. Ideally, we expect the pair to form a double bottom at 108.58 to give us low risk buy opportunities. However, in case the pair close below 108.58, we will wait for price to retrace back to the just broken level to give us low risk sell opportunities. This pair should be traded alongside GBP/JPY, and EUr/JPY. These pairs have a strong positive correlation of up to +0.87 and will have a similar price action during this intraday.
Trade Recommendations:
Remain short. But If you are not short already, wait for the price to clearly close below 108.58 then go shot with your target at 107.8. This view can only be invalided in case the pair rebounds from 108.58.
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