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Possible Triangular Formation

Possible Triangular Formation | 09 December 2016

09 December 2016, USD/JPY

Wave Analysis:

Yesterday, instead of going short as anticipated, the pair retraced to the upper side but is currently stalling around 114.48, which is the top of the triangular formation. As long as this limits invasion to the upper side, we expect a possible rebound from this level to go shot towards the lower trend line and possibly lower. Any breach above 114.48 will signal the unfolding of a bullish wave count towards 121.00 or even higher. In the meantime, we choose to sit on the sidelines and wait for a break out of this triangle to buy or sell depending on the direction of breakout. Expect an exact opposite wave count EUR/USD, GBP/USD and a similar price action in AUD/JPY, NZD/JPY, CAD/JPY and HKD/JPY.

Trade Recommendations:

Wait for a clear breakout above 114.761 to go long with an ultimate target at 124.00. However, as long as the level 114.48 protects the upper side, expect a possible rebound from this level to go short with an ideal target at 113.36

Bob Stan
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