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Bulls still dominating

Bulls still dominating | 11 July 2017

11 July 2017, USD/JPY

Bulls still dominating

Wave Analysis:

Perfectly as previously forecasted, the impulsive wave (v) extended higher earlier today but is yet to hit our target set at 114.584. During this intraday, we expect further possible bullish price rally towards 114.584 and a possible break above. At the moment, this pair is pretty much bullish and selling or holding onto a sell position in this pair may not be the best thing. However, short positions can only be recommended upon a clear rebound from 114.88 or below 111.904. Expect a similar wave count in CHFJPY, AUDJPY, EURJPY, NZDJPY, CADJPY and HKDJPY. These pairs have a strong positive correlation of up to +61% and will move in the direction during this intraday, only buy or sell USDJPY if the other positively correlated pairs are giving the signal.

Trade Recommendations:

Expect a possible bullish price rally towards 114.884.

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Bob Stan
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