17 Februari 2017, USD/JPY
Wave Analysis:
As previously forecasted, the corrective wave (b) retraced to the lower side but is currently stalling around a key support level 113.28. We expect a possible rebound from this support level to buy the impulsive wave (c) towards 115.76 or even higher. Any clear break below 113.20 will push the corrective wave (b) further to the lower side but should not go beyond the end of the impulsive wave (5),(111.73). In the meantime, we choose to remain flat momentarily and wait for a clear direction to the lower side or a rebound from 113.28 to go long. This pair should be traded alongside USDCHF, USDCAD, HKDJPY and AUDJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.
Trade Recommendations:
Remain flat momentarily and wait for a break below 113.20 to continue short. Buy positions may only be recommended if the pair end up rebounding from around 113.20, of this is the case, then go long with an ideal target at 115.76.
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