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Bulls gaining momentum

Bulls gaining momentum | 02 March 2017

02 March 2017, USD/JPY

Bulls gaining momentum

Wave Analysis:

As previously forecasted, the US Dollar rose almost 100 pips and is still pretty much be bullish both on the daily and the weekly charts. As long as the pair remains above 113.86, we expect an acceleration to the upper side but should not go beyond 118. A break above 118.11 will push the price further to the upper side towards 121. In the meantime, we're waiting for minor bearish pullbacks towards 113.86 to give us low risk buy opportunities with our previous target still intact. Expect a similar wave count in USDCHF and HKDJPY, these pairs have a strong positive correlation of up to +63% and will have a similar price action during this intraday.

Trade Recommendations:

If You're not long already, wait for minor bearish pullbacks towards 113.86 to go long with an ideal target at 118.

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Bob Stan
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