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Bullish pin on the daily chart

Bullish pin on the daily chart | 09 May 2017

09 May 2017, USD/JPY

Bullish pin on the daily chart

Wave Analysis:

Yesterday, this pair retraced to the lower side and even hit the lows of 112.76 but ended up closing above it's opening price 113.34. The previous day's candle is a perfect bullish pin bar and should push the price further to the upper side towards 115.015 from where we'll be looking for short positions. At the moment, sell positions are risky and cannot be recommended, however, if this pair can close clearly below 111.65, then sell positions will be considered. This pair should be traded alongside CADJPY, these pairs had similar pin bars on the daily chart and will move on the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish momentum towards 115.015

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Bob Stan
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