26 January 2017, USD/JPY
Wave Analysis:
As previously forecasted, the corrective wave (b) traded short, but is yet to hit our target support level 112.54. During this intraday, we expect further bearish momentum but should not go beyond 112.54 from where we'll be looking to buy the impulsive wave (c) towards $115.38.A break below 112.54 will invalidate the anticipated upward rally and could push the price further to the lower side but should not go beyond 111. Ideally, the corrective wave (b) should be flat in nature,and should not go beyond the beginning of the impulsive wave (a) (112.54). Any clear rejection from 112.54 will mean a possible triple bottom formation around this level, thus, we'll be looking for potential long positions, A clear break below 112.54 in the USDJPY chart, will mean a break below 0.9958 in the USDCHF. These two have a strong positive correlation of up to +89% and will have a similar price action during this intraday.
Trade Recommendations:
Expect further bearish price movements towards 112.54. A break below this level will push the price further to the lower side.
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