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USD/JPY Clocks 109.32

16 November 2016, USD/JPY

USD/JPY Clocks 109.32

Wave Analysis:

The Dollar is currently trading with an increasing bullish momentum. The previous day's candle is pretty much a bullish continuation candle and will likely push the price further to the upper side. The anticipated upward rally should be the continuation of the larger motive wave (c) and the inner wave (c) towards $111.21. Any clear breakout above this target will lead to further acceleration to the upper side. This upward rally is highly expected since the other negatively correlated pairs, EUR/USD and GBP/USD are very bearish and will trade on the lower ranges during this intraday. As long as EUR/USD remains bearish, we're long in USD/JPY. These pairs have a strong negative correlation and will have an exact opposite price action today.

Trade Recommendations:

Remain long with the first target at 111.21 and the next target at 113.18

Graham Osano
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