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We're long towards 114.00

We're long towards 114.00 | 28 September 2017

28 September 2017, USD/JPY

Wave Analysis:

After the end of the corrective three wave cycle, the larger corrective wave (2) could not reach our target set at 111.354, instead, the price rebounded just a few pips above this level and is currently heading upwards. We expect this upward rally to be the continuation of the impulsive wave (3) to the upper side but should not go beyond 114.00 by the end of this intraday. Although this upward rally is highly anticipated, we're waiting for minor retracements to the lowerside to pick an upward momentum with our target set at 114.00. This pair should be traded alongside CADJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction during this intaday.

Trade Recommendations:

We're long towards 114.00

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Bob Stan
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