Within a contracting wedge | 06 November 2017
06 November 2017, USD/JPY
Wave Analysis:
After successfully breaking above 113.18, the US dollar has remained confined within a rising, contracting wedge. we expect further rise to the upper side as long as the price remains above 113.18. Ideally, we expect a minor correction towards this level to pick a long position towards 123.4. If you're a bit hesitant to buy this pair now, you could wait for a break above 115.00, then long this pair with your first target at 118.24 and the next at 123.00. This pair should be traded alongside CADJPY, USDCHF, AUDJPY, and CHFJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.
Trade Recommendations:
Remain long towards 123.00
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
