corrections | 28 November 2017

28 November 2017, USD/JPY

corrections

Wave Analysis:

Currently, we're seeing a possible correction of the impulsive wave (E) to the upper side but should not go beyond the short term key level 111.92. As long as the price remains below this level, we expect a possible bearish price rally with an ultimate target along the lower side. This view can only be invalidated in case the price breaks above 111.92, and most importantly if the price can break above the upper trend line, if this is the case, then a bullish price rally towards 118.00 is expected. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

We're short with an ultimate target at 107.25

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Bob Stan
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