07 December 2016, USD/JPY
Wave Analysis:
Yesterday, the US Dollar failed to sustain the breakout below the zone 113.88-113.76. Instead, the pair rallied to the upper side and ended up above this zone. The current chart set up and structure shows signs of bullish dominance and if the current four hour candle can close the way it is, then we expect an acceleration towards 114.88 and even higher to 124.00 during this month. This view can only be invalidated in the case the pair end up breaking below 113.76. A breakout below this immediate zone will signal a possible increase in the number of sellers and could push the price further to the lower side. Expect an exact opposite wave count in EUR/USD, GBP/USD and an exact similar price action in EUR/JPY, AUD/JPY and USD/CHF.
Trade Recommendations:
Expect a possible bullish price action towards 114.88.
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