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Double Bottom Developing

28 September 2016, USD/JPY

Wave Analysis:
As previously forecasted, the support zone 100.25-100.08 held true as a key demand level. Following the rebound from this level, we expect an acceleration to the upper side with the first ideal target along the immediate upper trend line, any clear clear breakout above this trend line my push the price further to the upper side but should not go beyond 102.47. We look forward to trading this pair alongside EUR/JPY and USD/ZAR, these pairs are pretty much bullish on their daily charts and will likely remain bullish during this intraday.

Trade Recommendations:

We are long from 100.24 with our target along the immediate trend line and the next ideal target at 102.4.7

Graham Osano
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