29 August 2016, USD/JPY
Yesterday, the pair broke perfectly above the contracting triangular pattern and is still pretty much bullish. We wait for minor corrections of the just witnessed impulsive rally to give us low risk buy opportunities with an ideal target at $103.74. Expect a similar corrective wave in other positively correlated pairs such as NZD/JPY and CAD/JPY, once the corrective wave is done in USD/JPY, go long in all the other pairs with targets at $74.32 and $99.19 respectively. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us