12 August 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a slight bearish bias. Yesterday, the pair rebounded perfectly from the support level 100.91, headed long as previously forecasted but is yet to reach our target resistance level 102.44. A long as the pair trades with the current rectangular formation, we will only be keen to trade reversals from either key levels, 102.58 and 100.73. A clear breakout above 102.58 wil call for long positions while a clear momentum below 100.73 will call for sell orders. This pair should be traded alongside AUD/JPY, NZD/JPY, CAD/JPY, and HKD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have as similar price action during this intraday.
Trade Recommendations:
As long as the pair trades within the rectangular formation, trade reversals from either key level 102.58 and 100.73. A breakout above 102.58 will call for long positions with an ideal target at 104.24 while a breakout below 100.73 will call for short positions with an ideal target at 99.03
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