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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
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