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Expect a possible bullish price rally

05 October 2016, USD/JPY

Expect a possible bullish price rally
Wave Analysis:
As previously forecasted during the previous trading week, the double bottom 100.24-100.07 held true as a key support level thereby driving the market to the upper side and is still pretty much bullish. We expect further rally to the upper side with the next ideal target at 103.33. The current downward movement is a mere correction and should not go beyond the support level 102.59. We hope to trade this pair alongside USD/CHF and HKD/USD. These pairs have a strong positive correlation of up top 86 % and will have a similar price action during this intraday.

Trade Recommendations:

If your are not long already, wait for the current downward correction to end around 102.59 to go long long with an ideal target at 103.33 and the next target at 104.30

Graham Osano
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