21 October 2016, USD/JPY
Wave Analysis
As previously anticipated, the pair retraced to the upper side and even tested the resistance level $104.01 but is currently trading below it. The current chart set up and structure is pretty much bullish and chances of moving to the upper side is very high, however, as long as the level $104.01 protects the upper side, we expect a possible bearish wave count towards $101.72. A clear breakout above $104.13 may invalidate the anticipated downward rally and could lead to a possible bullish price movements towards $105.38. Expect a similar wave count in usd/chf, usd/hkd and eur/jpy. These pairs will have a similar price action during this intraday.
Trade Recommendation:
Buy positions are recommended above $104.13 with an ideal target at $105.38. However, as long as the level $104.01 protects the upper side, wait for a break below the immediate trend line to go short with an ideal target at $101.72.
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