We're long as long as the level 112.80 protects the lower side

03 February 2017, USD/JPY

Wave Analysis:

As previously forecasted, the US Dollar traded massively short, hit our first TP at 112.08, and has currently retraced back above a key level 112.57. As long as the pair trades above this level, we expect an accelation to the upperside but should not go beyond 115.42. In the meantime, we're waiting for a clear breakout above 113.29 to confirm the continuation of the anticipated bullish price rally. This view can only be rendered futile in case the pair end up below 112.57, if this is the case, then we expect a continuation of the impulsive wave (5) to the lowerside towards 111. Trade this pair alongside HKDJPY, NZDJPY, CADJPY and USDCHF. These pairs have a strong positive correlation of up to +83% and will have a similar price action during this intraday/

Trade Recommendations:

Wait for a clear breakout above 113.29 to go long with the first target at 113.94 and the next target at 115.42. Sell positions may only be recommeded below 112.57 with a target at 111/

Graham Osano
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