08 Marzo 2018, USD/JPY
Wave Analysis:
Just recently, the impulsive wave (5) ended a bit earlier than expected and could not go below the supportive level 105.13. We expect this rebound to have marked the end of the recent five wave cycle, that the current bullish price is the unfolding of a corrective three wave cycle to the upper side and should go beyond the resistance level 108.15 towards 111.17. This view will only be rendered futile in case the price clearly breaks below 105.13, this being the case, we expect a possible extension of the impulsive wave (5) to the lower side and may break below 103.23.
Trade Recommendations:
Look for a long position towards 111.12.
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