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Bulls still in control

23 November 2016, USD/JPY

Bulls still in control

Wave Analysis:

Usd/jpy is currently trading with an increasing bullish momentum. Despite our expectations to slow down in momentum, this pair continues to rise in value and will likely continue to the upper side as long as it remains above 109.68. The current chart set up and structures is very much bullish, thus, selling or holding onto sell positions at this moment is risky and could be disastrous in the long run. Instead of short positions, we'll either sit on the sidelines, or remain long with the impulsive waves (c) towards 113.98. Expect a similar wave count in USD/CHF, USD/CAD and EUR/JPY. These pairs will have a parallel price action during this intraday, only buy or sell usd/jpy if the other pairs are giving the same signal.

Trade Recommendations:

Expect a possible bullish price action towards 113.98

Graham Osano
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