12 Juli 2017, USD/JPY
Wave Analysis:
During the previous trading day, this pair opened at 114.034, went as low as 113.71 and as high as 114.303 but ended up closing at 113.941, just a few pips below it's opening price. The previous day's candle is a perfect bearish pin bar candle and could be an onset to a correction to the impulsive wave (v) but should not go beyond 111.90. First, the price should first break below 113.133 to confirm a possible bearish price rally towards 111.90. As long as 113.133 remains intact, we expect a possible rebound from this line to continue long with the impulsive wave (v). Expect a similar price action in CHFJPY, NZDJPY, AUDJPY and CADJPY. These pairs have a strong positive correlation of up to +62% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally with the first target at 113.133 and the next target at 111.90.
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