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Expect a possible bullish acceleration towards 115.05

Expect a possible bullish acceleration towards 115.05 | 10 May 2017

10 May 2017, USD/JPY

Wave Analysis:

After breaking above our target sell place 111.92, this pair retraced back to this level but ended up forming a bullish pin bar having its tail perfectly touching this level. Yesterday, the impulsive wave (5) traded on the higher ranges and is still pretty much bullish. We expect further extension of the impulsive wave (5) to the upper side but should not go beyond 115.04. At the moment, this chart is pretty much bullish and selling or holding onto sell positions in this pair could be futile in the long run.. Instead, we're only interested in buy positions. This pairs have a positive correlation to AUDJPY, CADJPY and CHFJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 115.05

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Bob Stan
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