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Possible bullish momentum developing

14 October 2016, USD/JPY

Possible bullish momentum developing

Wave Analysis

This pair is currently trading with an increasing upward momentum. Following the breakout above the resistance level $104.01, we expect a possible bullish price movements towards 106.15 or even higher to $106.52. Ideally, as long as the pair trades above $104.01, we expect this level to act as a support to any downward movements, a clear breakout below $103.80 will lead to an acceleration to the lower side but should not go beyond $101.78, a clear breakout below this target will push the price further to the lower side. This pair will have a similar price action with USD/CHF and EUR/JPY.

Trade Recommendations:

Remain long with the first target at $106.15. and the next target at $106.52

Graham Osano
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