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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
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