08 March 2017, USD/JPY
Wave Analysis:
Yesterday, the US Dollar rebounded perfectly from the short term resistance level 114.06, rallied to the lower side but is currently finding it a hurdle to close below a key supportive zone 113.69-113.63. This zone acted as a key retracement zone on 1st, a key reversal zone on 6th of this month and will likely protect any invasion to the lower side. Thus, as long as the pair trades above this zone, we choose to remain flat momentarily and expect a possible rebound from this zone to go long with an ideal target at 114.48. Any clear breach below 113.63 will culminate into a possible bearish momentum towards 112.86 or even lower. Expect a similar price action in USDCHF, CADJPY and NZDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound above 113.69 to go long with an ideal target at 114.48. Sell positions can only be recommended upon a clear break below 113.63 to go short with an ideal target at 112.86.
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