Log in

Remain long

27 October 2016, USD/JPY

Remain long

Wave Analysis

Yesterday, usd/jpy sustained the breakout above the resistance level $104.01 and is still bullish on the daily chart. Although we expect a possible impulsive rally to the upper side, we'll only be keen to buy the dollar above $104.88 towards $106.17. This view can only be invalidated in case the pair end up breaking below the support $104.01, if this is the case, then we expect an acceleration to the lower side. As long as USD/CHF and EUR/JPY are bullish, we remain long in usd/jpy. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait and buy above $104.88 with an ideal target at 106.17.

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

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.