USDJPY – Down Wave Analysis Last week, the impulsive wave (5) extended lower but is yet to hit our target take profit set at 106.59. During this intraday, we expect a possible extension of this bearish wave count but should not go beyond 106.59. Ideally, we expect a possible double bottom formation around 106.59 to buy this pair. If this support is broken, then this will nullify the anticipated double bottom formation and could push the price further to the lower side. The double bottom formation is highly anticipated since the intraday stochastic is already below its overbought level of 20 and should reverse to the upper side, thus, when the price gets to 106.59, we’ll check to see if the intraday stochastic is below 20 to pick a low risk buy opportunity. Expect a similar wave count in USDCHF and HKDJPY. Trade Recommendations: Remain short with a target at 106.59
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