Rallying around our sell place 111.945 | 01 May 2017
01 May 2017, USD/JPY
Wave Analysis:
The Us dollar continues to rally to the upper side but is currently rallying around our sell place. We're waiting for a clear sign that the corrective wave (b) is over so that we short the impulsive wave (c) towards 100.. This view can only be invalidated in case the pair clearly break above 111.945, if this is the case, then we'll look for long positions with an ideal target at 115.040. However, if the price get back below 111.945, then we'll gladly hunt for short orders. Expect a similar wave count in CADJPY, NZDJPY and CHFJPY. these pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 111.945 to go short with an ideal target at 100.0
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