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waiting for a buy around 112

waiting for a buy around 112 | 05 October 2017

05 October 2017, USD/JPY

waiting for a buy around 112

Wave Analysis:

Even after a breakout above 112.290-112.150, the US Dollar continues to consolidate above this zone and is not showing any signs of extending further. We're waiting for a minor pullback towards 112.290 to buy the impulsive wave (3) to the upper side but should not go beyond the daily resistance level 114.00. If this resistance is broken, then this impulsive wave count could extend even further with an ultimate target at 121.00. This view can only be rendered futile in case the price end up below 112.150, if this is the case, then the price could drop towards 111.60. This pair will have a similar price action to CHFJPY, NZDJPY, CADJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Wait and buy the US Dollar upon a rebound from 112.290 with your target at 114.00.

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Bob Stan
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