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16 May 2018, USD/JPY

Buyers still charged

Wave Analysis

During the previous trading day, the impulsive wave (c) extended significantly to the upper side and is still pretty much bullish both on the daily and the weekly charts, Today and in the next few days, we expect this impulsive wave count to stretch further upwards but should not go beyond the weekly resistance level 114.09. If this target is taken out, then the price is likely to continue to the upper side with the next ideal target at 118.80. If you're not long already, you may wait for minor pullbacks to the lower side to pick long positions with an ultimate target at 114.09.

Trade Recommendations:

We're long towards 114.09.

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Graham Osano
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