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Buy USD/JPY alongside NZD/JPY

05 September 2016, USD/JPY

Buy USD/JPY alongside NZD/JPY

Wave Analysis:
As previously forecasted the impulsive wave 5 traded long as previously forecasted and is still pretty much bullish. We expect to continue long to the upper side with this motive wave 5 but should not go beyond 107.37. In the meantime, we expect corrections to the lower side to give us low risk buy opportunities. While trading this pair, expect a similar impulsive move in other positively correlated pairs such as NZD/JPY and CAD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have similar price action during this intraday.

Trade Recommendations:

Wait for corrections to the lower side then buy this pair to go long with an ideal target at 105.68 and the next target at 107.37.

Graham Osano
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