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waiting for the US Dollar to sustain the break above 112.28

waiting for the US Dollar to sustain the break above 112.28 | 04 May 2017

04 May 2017, USD/JPY

waiting for the US Dollar to sustain the break above 112.28

wave Analysis:

Unfortunately, our Stop was hit when US Dollar rose above 112.29. The break above 112.18 signifies a break above a significant resistance line and as long as this pair sustains this breakout , we expect minor pullbacks to the just broken line to buy this pair at low risk. Ideally, as long as this pair remains above 112.18 we expect a possible bullish wave count towards 115.04 or even above; however, if this pair can plunge down below 111.955, then an acceleration to the lower side is expected. Expect a similar wave count in CADJPY, NZDJPY and CHFJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair remains above 112.186 expect minor pullbacks towards 112.18 to go long with an ideal target at 115.04.

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Bob Stan
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