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Wait for corrections to the lowerside.

04 October 2016, USD/JPY

Wait for corrections to the lowerside.

Wave Analysis

During the past week, usd/jpy rose from 100.27 to 101.77. Yesterday, the pair continued long and ended up within the recent wedge formation. We are waiting for a clear breakout above this wedge to signal the continuation of the upward rally, otherwise, any clear rebound from 102.32 will call for short orders with an ultimate target at 100.24. The upward rally is highly anticipated since the daily chart is pretty much bullish and will push the price further towards 102.82 or even higher. We hope to trade this pair alongside USD/CHF and EUR/JPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor corrections to the lower side to go long with an ideal target at 102.82.

Graham Osano
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