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We're long

21 November 2016, USD/JPY

We're long
Wave Analysis:
The Dollar continues to hit higher highs despite our expectations to decline in an upward momentum. The current chart set up and structure is pretty much bullish and chances of moving to the upper side are very high. During this intraday, we expect a possible bullish wave count towards 113.98 and possibly higher. At the moment, holding onto or executing buy orders is very risky and could be futile in the long run, thus, we're either standing aside or we're long. Expect an exact similar wave count in EUR/JPY, AUD/JPY, GBP/JPY and USD/CHF. These pairs a have a strong positive correlation of up to +93% and will have a similar price action during this intraday. Only buy or sell USD/JPY if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long with the first target at 113.98 and the next target at 121.54

Graham Osano
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