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Expect a possible bearish price movements towards 101.72

03 November 2016, USD/JPY

Expect a possible bearish price movements towards 101.72

Wave Analysis

Yesterday, the impulsive wave (c) traded lower than expected and even broke below the 100.0 Fib level. We expect to continue short towards 161.8 fib level or even lower. A key daily support level can be seen at $101.72 and a key daily resistance at $104.01. Any clear breakout below $101.72 will mean we're continuing short while a clear rebound from this support level will culminate into a possible bullish price movements towards $103.24. We hope to trade this pair along side USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up to +74% and will have similar price action during this intraday.

Trade Recommendations:

Recommendations with ideal target at $101.72.

Graham Osano
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