Expect a rally to the upperside. | 06 September 2016
06 September 2016, USD/JPY
Wave Analysis
This pair is currently trading with an increasing upward momentum. We expect to continue long with the impulsive wave 5 to the upperside but should not go beyond the resistance level 106.18, any clear breakout above this target may push the price further to the upperside. Any clear indication that wave 5 has ended below 104.31 may culminate into a truncated 5th wave. Expect a similar rally in NZD/JPY and CAD/JPY. These pairs have a strong positive correlation of up to +0.80 and will have a similar price action during this intraday.
Trade Recommendations:
We are long with an ideal target at 106.18.
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.
