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Still long towards 115.040

Still long towards 115.040 | 12 May 2017

12 May 2017, USD/JPY

Still long towards 115.040

Wave Analysis:

Yesterday, US Dollar retraced lower than expected but should not close below 113.783 by the end of this trading day. Ideally, we expect a continuation of the impulsive wave (5) but should not go beyond the resistance level 115.040 from where we'll be looking for a possible low risk sell opportunities. A clear breakout above this level will push the price further to the upper side but should not go beyond 118.00; a rebound from 115.040 will call for short positions towards 111.923. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and EURJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 115.40

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Bob Stan
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