USDJPY – Down Wave Analysis: During the previous trading day Jan 13th 2017, the US Dollar spiked to the upper side but ended up closing red. The bearish pin bar witnessed on Friday the previous week is a bearish confirmation and will likely push the price further to the lower side but only after a clear break below 114.02. Thus, although we expect further bearish momentum, we’re only interested in a break below 114.02 to give us the confirmation that we’re continuing short. Expect a similar wave count in USDCHF and an exact opposite wave count in EURUSD and GBPUSD. Trade Recommendations: If you’re not short already, wait for a clear breakout below 114.02 to go short with an ideal target at 113.04. Buy positions may only be recommended upon a clear rebound from 114.02.
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