Double top formation | 11 Octubre 2016

11 Octubre 2016, USD/JPY

Double top formation

Wave Analysis

Instead of going short a previously forecasted, the pair retraced to the upper side and ended up forming a double top around our previous highest high, $103.96. If the the current 4 Hour candle can close bearish as it is right now, then we expect a possible bearish impulsive momentum to the lower side. Any clear breakout above yesterday's highest high, 104.15, may invalidate the anticipated downward rally and could culminate into a bullish price rally towards $105.00. We hope to trade this pair alongside USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below $103.96, expect a possible bearish price movements towards 101.74. Buy position can only be recommended above 104.15 with an ideal target at $105.01

Bob Stan
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.
manager photo manager photo
Online-support
Nos complacerá contestar cualquier pregunta que pueda tener

Escribir

Get bonus