Bullish engulfing candle

30 August 2017, USD/JPY

Bullish engulfing candle

Wave Analysis

During the previous trading day, the impulsive wave (5) extended lower and even hit our target take profit set at 108.40. We expect this sharp drop to have marked the end of the previous five wave cycle, that the current bullish price rally is a corrective wave count to the upper side with the first target 110.75 and an ultimate target at 112.00. That is from a bullish point of view, sell positions can only be either upon a clear rebound from either 110.70 or 112.00, or if the price can clearly break below 108.40, then this will be the best place to pick a short position. This pair will have a similar price action to USDCHF, CADJPY, NZDJPY and CHFJPY.

Trade Recommendations:

Remain long with the first target at 110.75 and the next target at 112.00.

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Graham Osano
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