manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Log in

Remain short

12 October 2016, USD/JPY

Remain short
Wave Analysis:
Yesterday, the pair formed a double top around the resistance level $103.92 as previously forecasted and is currently headed to the lower side. As long as the pair trades below $103.92, we expect a bearish impulsive rally towards $101.73 or even lower. In the meantime, we are waiting for a clear breakout below the short term support level $102.96 to give us the green light to continue short. We hope to trade this pair alongside USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up +86% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards $101.73. Conservative trader should wait for a clear breakout below $102.96 to go short.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .