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Expect a possible bullish price rally towards 121.00

Expect a possible bullish price rally towards 121.00 | 08 December 2017

08 December 2017, USD/JPY

Expect a possible bullish price rally towards 121.00

Wave Analysis:

Instead of going short as we previously expected, Usd rose massively to the upper side and even went above the upper resistive trend line. This is a clean breakout and could mean we're still long with an ultimate target at 119.00. As long as the price remains above this trend line, we expect a possible bullish price movements towards 119.90 and could break even higher. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upper side and may go beyond 121.00. This pair should be traded alongside other positively correlated pairs such as CADJPY, CHFJPY, HKDJPY, AUDJPY and GBPJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.

Trade Recommendations:

Expect a possible bullish price rally towards 121.00

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Bob Stan
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