16 Januari 2018, USD/JPY
Wave Analysis:
Though a lower time frame, according to the 30 minutes chart above, we're looking for a possible sell position. Earlier today, after a slight extension of the impulsive wave (3) to the lower side, we're seen the unfolding of the corrective wave (4) to the upper side. In the nest few hours we expect a possible extension of this correction but should not go beyond 111.00 where we'll be looking to sell the impulsive wave (5) towards 108.55. This pair has a strong positive correlation of up to +63% and will the following pairs CADJPY, CHFJPY and NZDJPY, these pairs will move in the same direction. Only buy or sell the us dollar if the other pairs are giving the same signal.
Trade Recommendations:
wait and sell the US dollar around 111.00 towards 108.55
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