18 April 2017, USD/JPY
Wave Analysis:
Yesterday, US Dollar opened at 108.76, went as low as 108.12 but ended up closing at 108.90, just a few pips above its opening price. We expect the bullish price rally that began yesterday to be the unfolding of the corrective wave (iv) and should not go beyond the end of the first impulsive wave (i). Ideally, any clear sell signal from now onwards will mean we're shorting the impulsive wave (v) towards 100.58. That said, if the price can retrace towards 111.04 (in a worst case scenario) then this(111.04) will be the best place to pick long term low risk sell opportunties. This pair should be traded alongside CADJPY, NZDJPY, and EURJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain short
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