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Expect a possible bullish wave count towards 106

10 November 2016, USD/JPY

Expect a possible bullish wave count towards 106

Wave Analysis

Yesterday, the US dollar recovered almost 100% the value it lost following the US Elections results release. The fact that the price has gone above the previous day's highest high, $105.14, suggests that a possible bullish impulsive wave count towards $106.87 is highly likely. Otherwise, any clear breakout below $105.14 may invalidate the anticipated upward rally and could culminate into a possible bearish wave count towards $104.01 or even lower. Expect a similar price movements in USD/CHF, USD/CAD and EUR/JPY. These pairs have a strong positive correlation of up to +74% and will have a similar price action during this intraday.

Trade Recommendations:

Remain long as long as the pair trades above $105.14 with stop below stop 104.93

Graham Osano
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