20 Oktober 2017, USD/JPY
Wave Analysis:
We expect a massive drop in price following the recent bearish pin bar, but instead, the US Dollar is continuing to rise. We expect this upward rally to be a mere extension of the impulsive wave (D) To the upper side and should not go beyond the upper trendline where we'll be looking to sell the impulsive wave (E) to the lower side and should not go beyond 106.09. On the weekly chart above, as long as the upper trend line protects the upper side, we'll be keen to look for a sell signal around this line to short this pair. If this trend line is broken, then the price could continue to rise but should not go beyond 114.00 by the close of this day. This pair should be traded alongside CADJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Expect a possible rebound from the upper trendline to short this pair towards 106.09
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