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Bulls gaining momentum

Bulls gaining momentum | 12 December 2016

12 December 2016, USD/JPY

Bulls gaining momentum

Wave Analysis:

As anticipated, the US Dollar broke above 114.75, headed long and is still showing signs of potential bullish momentum. During this intraday, we expect to expect to continue long with the impulsive wave (3) towards 121.39 or even higher to 124.00. This outlook can only be nullified in case the pair end up breaking below 114.48, if the latter is the case, then an acceleration towards the lower trend line is unavoidable. This is however unlikely since the current chart setup and structure favors the bulls both on the daily and weekly charts more than the bears. Thus, as long as the level 114.55 limits invasion to the lower side, we expect the price to hasten towards 121.39. Expect a similar wave count in USD/CHF, NZD/JPY, CAD/JPY and an exact opposite wave count in GBP/USD, EUR/USD, NZD/USD. Only buy or sell the US Dollar if the first pairs are giving an opposite signal from the first pairs.

Trade Recommendations:

Remain long with an ideal ultimate target 124.00

Bob Stan
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