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Bulls gaining momentum

28 October 2016, USD/JPY

Wave Analysis

As previously anticipated, the impulsive wave (3) traded long but is yet to reach our target resistance level $106.17. We expect the current downward rally to be a mere correction of the third wave and should not go beyond the end of the first motive wave, $104.86. ideally, we expect to continue long with the first target at $106.17, a breakout above this target may push the price further towards $106.52. As long as eur/usd and gbp/usd remain bearish, we choose to remain long in usd/jpy and usd/chf. the latter pairs have a strong negative correlation to the first two pairs and will have an exact opposite price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at $106.17 and the next target at $106.52

Graham Osano
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