05 April 2017, USD/JPY
Wave Analysis:
As previously anticipated, the US Dollar traded incessantly to the lower side following the break below 111.36. The price even broke below a key short term support level 110.84 but is currently retracing back to it. We expect the level 110.78 to have marked the end of the corrective wave (iv) that the current downward rally is the unfolding the impulsive wave (v) but should not go beyond 109. This downward rally is supported by the fact that the USDJPY daily chart, shown below, is pretty much bearish and should go further to the lower side.
USDJPY Daily Chart
On the daily chart, we expect a possible continuation of the impulsive wave (iii) and should go beyond 109.02.
This pair should be traded alongside CADJPY, USDCHF, and USDCAD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish momentum towards 109.02.
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