Expect retracements to the lowerside | 06 اكتوبر 2016
06 اكتوبر 2016, USD/JPY
Wave Analysis
Perfectly as previously forecasted, the pair traded long and even broke above the resistance level 102.57. We expect to continue long with the impulsive wave (3) and may be extensive in nature. In the meantime, we wait for a correction of the impulsive wave (3) to buy the next motive wave (5) towards 104.32 or even higher. We hope to trade this a pair alongside EUR/JPY, USDCHF and HKD/JPY. These pairs have a very strong positive correlation of up to 86% and will have a similar price action during this intraday.
Trade Recommendations:
Wait for corrections towards 102.95 to buy this pair with an ideal target at 104.32
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.
