21 Tháng hai 2017, USD/JPY
Wave Analysis:
As expected, the corrective wave (b) traded short but could not go lower than 112.606. We expect the upward rally witnessed yesterday and earlier today to be the unfolding of the impulsive wave (c) towards 115.098. A break above this level will push the price further to the upper side but should not go beyond 118.0. In the meantime, we’re waiting for minor pullbacks to provide low risk buy opportunities. This view can only be invalidated in case the pair end up below 112.606, if this is the case, then an acceleration to the lower side is inevitable. As long as this pair remains bullish, we choose to remain long in USDCHF, these pairs have a strong positive correlation of up to +81% and will have a similar price movements during this intraday.
Trade Recommendations:
Remain long with an ideal target at 115.098. A break above this level will call for further long positions towards 118.0.
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