03 May 2017, USD/JPY
Wave Analysis
For almost a fortnight, the corrective wave (b) has been rallying on the higher ranges but is currently around our potential sell place 112.186. We expect the level 112.186 to mark the end of the corrective wave (b) that any bearish candle will act as an onset of the impulsive wave (c) to the lower side. Ideally, we expect a possible rebound from this level to sell the impulsive wave (c) with an ideal target 100.54. This view can only be invalidated in case the pair end up breaking above 112.186, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in CADJPY, NZDJPY and AUDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 112.186 to go short with an ideal target at 100.54.
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