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Indecision candle

Indecision candle | 06 July 2017

06 July 2017, USD/JPY

Indecision candle

Wave Analysis:

Yesterday, the daily candle opened at 113.26, went as low as 112.82 and as high as 113.68 but closed at 113.25, just a pip below it's opening price. The previous daily candle is a perfect indecision candle above a short term support level 113.16. And as long as the price remains above this level, we expect a possible bullish price rally . The anticipated bullish price rally is the continuation of the impulsive wave (v) but should not go beyond the resistance level 114.91. A break above this level will extend this impulsive wave upwards with the next ideal target at 118.00. Expect a similar wave count in CADJPY, AUDJPY and CHFJPY.

Trade Recommendations:

Expect a possible bullish price rally towards 114.91

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Bob Stan
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