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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
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