bearish pin bar | 09 اكتوبر 2017
09 اكتوبر 2017, USD/JPY
Wave Analysis:
During the last trading day, USDJPY opened at 112.80 went as high as 113.43 and low as 112.60 but ended up closing at 112.64, just a few pips below its opening price. The Friday's candle is a perfect bearish pin bar candle and signals a possible increase of sellers into this marker. That said, as long as the price remains below the previous day's opening price, 112.80, we expect a possible bearish price rally towards 111.03 or even lower. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Look for short position around 112.80 with your target at 111.03
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
