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Expect retracements to the lowerside

06 October 2016, USD/JPY

Wave Analysis

Perfectly as previously forecasted, the pair traded long and even broke above the resistance level 102.57. We expect to continue long with the impulsive wave (3) and may be extensive in nature. In the meantime, we wait for a correction of the impulsive wave (3) to buy the next motive wave (5) towards 104.32 or even higher. We hope to trade this a pair alongside EUR/JPY, USDCHF and HKD/JPY. These pairs have a very strong positive correlation of up to 86% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for corrections towards 102.95 to buy this pair with an ideal target at 104.32

Graham Osano
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