Log in

USDJPY still to gain more grounds

30 August 2016, USD/JPY

Wave Analysis:

Yesterday, the pair corrected itself to the lowerside as previously forecasted but is currently bullish on the 4hour chart. We expect the current upward rally to be the unfolding of wave 3 towards 103.27 or even higher. This view is highly anticipated since the other positively correlated pairs are pretty much bullish. According to the CAD/JPY below, We expect both pairs trade on the higher ranges during this intraday. These two pairs should be traded alongside NZD/JPY. These three pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Go long in usd/jpy and cad/jpy with your ideal targets at 103.27 and 79.21 respectively.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.