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Buyers should come in now

Buyers should come in now | 13 December 2017

13 December 2017, USD/JPY

Buyers should come in now

Wave Analysis:

For a second time now, the Us Dollar has broken above the upper resistance trend line. As long as the price remains above this trend line, we expect a possible bullish price movements towards 120.00 or even higher. Monday's candle was a perfect bullish continuation candle and means the price may continue to rise especially after a slight pullback to the lower side. According to the current chart set up and structure, only a long position looks more ideal and can be recommended with the first target at 114.00 and the next target at 120.00. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Expect a possible bullish price movements towards 120.00

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Bob Stan
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