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Expect a possible bearish price rally from 103.42

04 November 2016, USD/JPY

Wave Analysis

Yesterday, the corrective wave (4) traded long as previously forecasted and is still pretty much bullish on the daily chart. Although we expect further rally to the upper side, the anticipated should only go up to $103.42 from where we'll be looking for potential low sell risk opportunities. Any clear developments above $103.65 may invalidate the anticipated downward rally and could lead to a possible bullish price movements towards 105 or higher. This pair should be traded alongside USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up to +75% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from $103.42 to go short with an ideal target at $101.72. Buy positions are only recommended above 103.93.

Graham Osano
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