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18 October 2016, USD/JPY


Wave Analysis:

The US Dollar continues to consolidate around the zone 103.7-104.1. Unless there's a clear breakout above or below this zone, we choose to sit on the side lines and wait for a clear direction. The current chart setup and structure is pretty much neural and chances of moving in either directions are pretty much equal. However, a clear breakout above the end of the 5th wave will signal a continuation of the upward trend while a break below 103.7 will mean a reversal to the lower side. This pair should be traded alongside usd/chf and eur/jpy. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now.

Graham Osano
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