05 января 2017, USD/JPY
Wave Analysis:
As forecasted, the impulsive wave (c) traded massively short after rebounding from 118.19-18.035 and is still showing signs of possible bears dominance. During this intraday, we expect further momentum to the lower side as long as the pair remains below 116.63. The anticipated bearish rally is the continuation the impulsive wave (c) but should not go beyond 114.95. Any clear retracements above 117.019 may invalidate the anticipated bearish price rally and could push the price to the upper side but should not go beyond 118.19. Trade this pair alongside CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price movements towards 114.95. Buy positions are only recommended above 117.01.
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