manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

Double bottom formation

27 September 2016, USD/JPY

Double bottom formation

Wave Analysis

Yesterday, the pair retraced to the lower side and ended up forming a double bottom around the zone 100.07-100.24. This zone was a key demand zone on 26th August 2016, and will likely act as key demand zone during this intraday. Following the rebound from 100.24-100.07, we expect an acceleration to the upper side with an ideal target along the upper resistive trend line. Trade this pair alongside USD/CHF and EUR/JPY. These pairs have a very strong positive correlation of up to 89% will have a similar price action during this intraday.

Trade Recommendations:

We are long from 100.24 with a target along the immediate trend line.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .