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Expect a possible bullish price rally

12 September 2016, USD/JPY

Expect a possible bullish price rally
Wave Analysis:
As previously forecasted, the pair rebounded from the support level 102.92, headed long and is still pretty much bullish on the daily chart, we still expect an impulsive move to the upper side with the first target at 103.27. the current downward rally is just a corrective move and should not go beyond 102.49 from where we'll be looking for low risk buy opportunities. Expect a similar move in usdcad and eur/cad. These pairs have a strong positive correlation of up to +0.86 and will have an exact price action during this intraday.

Trade Recommendations:

Wait for retracements towards 102.49 then go long with an ideal target at 103.28 and the next target at 103.68

Graham Osano
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