Flat momentarily | 08 May 2017

08 May 2017, USD/JPY

Flat momentarily

Wave Analysis:

Unfortunately, our stop was hit when this pair rose above the key daily resistance 111.94-111.69 and is currently rallying above it. Although I expect further movements to the upper side, we’re waiting for a perfect retracement to the just broken zone to buy this pair at the least risk possible. A clear retracement to the just broken zone will call for long positions towards 115.08 from where we’ll be looking for a possible rebound to go short. Sell positions will only be validated in case the pair end up below 111.69, if this is the case, then an acceleration to the lower side will be inevitable. Expect a similar wave count in CADJPY, NZDJPY, AUDJPY and EURJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movement towards 115.04.

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Bob Stan
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