Buy USD/JPY alongside NZD/JPY | 02 September 2016
02 September 2016, USD/JPY
Wave Analysis
As previously forecasted the impulsive wave 3 extended to the upper side but could not go beyond 103.85. Following its correction towards 103.14. We expect to buy the impulsive wave 5 towards 104.36 or even higher. This upward rally is highly anticipated since the other positively correllated pairs such as NZD/JPY and CAD/JPY are pretty much bullish and will head futher to the upperside. A key resistance level can be seen around 105.25 and 105.69 while support levels can be seen at 102.93 and 102.27.
Trade Recommedations:
We are long with an ideal target at 104.38 and the next target at 105.25.
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.
