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If you're not long already, wait sell around 115.40.

If you're not long already, wait sell around 115.40. | 16 May 2017

16 May 2017, USD/JPY

Wave Analysis:

During the previous trading week, US dollar corrected lower but is currently showing signs of possible momentum to the upper side. We expect a possible bullish acceleration towards 115.040 from where we'll be looking for possible low risk sell opportunities. A breakout above this level will extent the impulsive wave (5) higher but should not go beyond 118.00. In case the price gets around 115.040 the same time the intraday stochastic is above 80, above its aver bought line, then this will be the best place to sell the US Dollar at the least risk. Expect a similar wave count in CADJPY, CHFJPY, and NZDJPY. These pairs will have a similar wave count during this intraday.

Trade Recommendations:

Conservative traders should wait and sell upon a clear rebound from 115.040.

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Bob Stan
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