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Expect a possible bullish price movements towards 118

10 March 2017, USD/JPY

Expect a possible bullish price movements towards 118

Wave Analysis:

As expected, the US Dollar broke above the resistance level 114.50, headed long and even ended up forming a a bullish pin bar with it's lower tail being supported by the just broken resistance level. We went long following this bullish pin bar expecting the price to continue long towards 118; a break above this level will push the price further to the upper side but should not go beyond 121. This view can only be invalidated in case the pair end up below 114.44, if this the case, we expect a possible bearish impulsive count towards 113.74 from where we'll be looking for potential buy positions . Expect a similar price action in USDCHF, USDJPY and CADJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intaday.

Trade Recommendations:

Expect a possible bullish price movements towards 118.

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Graham Osano
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