Increasing Upward momentum | 14 September 2016

Wave Analysis

This pair is currently trading with a increasing upward momentum. Instead of going short as previously forecasted, the pair broke above the resistance level 101.92, headed long and is currently trading with a increasing upward momentum. We expect a possible breakout above the resistance level 103.23 to push the price further to the upper side but should not go beyond 104.43. Trade this pair alongside EUR/JPY and AUD/JPY, these pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait for a clear breakout above the resistance level 103.45 to go long with an ideal target at 104.43.