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Waiting for sell signals

26 September 2016, USD/JPY

Waiting for sell signals
Wave Analysis:
As previously forecasted, this pair broke below the recent wedge, headed short as anticipated but could not go beyond the daily support level 100.04. The current upward rally is mere pullback and could test the lower trendline forming bottom of the recent wedge. Instead of buying the yen, we choose to sit on the sidelines and only sell upon a clear rebound from the immediate upper trendline, however, any clear bearish reversal candle from now on wards will trigger sell orders with an ideal target at 100.13. Trade this a pair alongside CAD/JPY and NZD/JPY.

Trade Recommendations:

Wait for a clear rebound from the upper trend line to sell this a pair with an ideal target at 100.13

Graham Osano
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