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We're long with an ideal target at 114.00.

We're long with an ideal target at 114.00. | 29 September 2017

29 September 2017, USD/JPY

We're long with an ideal target at 114.00.

Wave Analysis:

During the previous trading day, instead of continuing long as anticipated, there was a slight correction of the impulsive wave (3) but should not continue short. As long as the price remain above 112.604, we expect a possible extension of the impulsive wave (3) to the upper side but should not go beyond the resistance level 114.00 during this intraday. If the level 114.00 is violated, then we expect a rise towards 121.00 or even higher. This pair should be traded alongside other positively correlated pairs such as CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.

Trade Recommendations:

We're long with an ideal target at 114.00.

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Bob Stan
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