28 June 2017, USD/JPY
Wave Analysis:
During the previous trading day, the impulsive wave (iii) extended higher and even broke above the daily resistance zone 112.10-111.52 and could go even further, we're waiting for an extension of the impulsive wave (iii) and then a correction to buy the last motive wave (v) towards 114.91. This view can only be invalidated in case the price end up breaking below 111.52, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in CADJPY, AUDJPY, CHFJPY and EURJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 114.91.
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