US Dollar continues to sustain the break below 111.78 | 28 tháng Ba 2017

28 tháng Ba 2017, USD/JPY

US Dollar continues to sustain the break below 111.78

Wave Analysis:

As previously forecasted, the corrective inner wave (ii) could not go beyond 111.78. As long as the price remains below 111.78, we expect a possible bearish price movements towards 108.94 or even lower. The anticipated downward rally is the continuation of the impulsive wave (iii) and should be extensive wave in nature. This downward rally is highly anticipated since other positively correlated pairs such as CADJPY, and NZDJPY, equally broke below key levels and will head further to the lowerside. As long as these pairs remains bearish, we choose to remain short in USDJPY. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday.
Trade Recommendations:

Remain short with an ideal target at 108.

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Bob Stan
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