manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

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

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .