Flat | 01 November 2017

01 November 2017, USD/JPY

Flat

Wave Analysis:

The Us Dollar is still consolidating along the upper resistive trend line. We're waiting for either a breakout above this trend line to buy this pair, or a clear sell signal to short this pair at the least risk possible. If a clear sell signal is seen, especially along this trend line, then a short position will be more ideal. The expected short position is merely the continuation of the impulsive wave (E) to the lower side towards the lower trend line. According to the daily chart above, we're only advocating for a short position, but if the price rises above this trend line, then we may consider a long position towards 121.00. This pair will have a similar price action to GBPUSD, NZDUSD, and AUDUSD. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendation:

Flat

FreshForex cancels commissions!

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus