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Retracements to the upperside

Retracements to the upperside | 23 September 2016

23 September 2016, USD/JPY

Retracements to the upperside

Wave Analysis

On 21st September 2016, the impulsive wave (c) traded massively short and even engulfed the previous day's(20th Sept. 2016) Candle. The previous two day's candles are pretty much inside the 21st candle of this month, meaning, bears are still in control of the market; that the current upward rally is a mere retracement and should not go beyond the opening price of the 21st candle. Thus, instead of going long, we wait for bearish confirmation candles to give us the greenlight to go short with an ideal target at 99.04. Trade This pair alongside CHF/JPY, CAD/JPY and NZD/JPY.

Trade Recommendations:

If you are not short already, wait for bearish confirmation candles around 101.28 to go short with an ideal target at 99.04. Alternatively you can wait a sell below 100.26 with an ideal target 99.04.

Bob Stan
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