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Upperside limited as long as below 113.88

Upperside limited as long as below 113.88 | 08 December 2016

08 December 2016, USD/JPY

Upper side limited as long as below 113.88

Wave Analysis:

Yesterday at 08:00, instead of going long as anticipated, the US Dollar traded massively short and even engulfed the previous 4 Hour candle. The pair traded short and even formed a prefect pin bar below 113.76 at 20:00. As long as the pair trades below the zone 113.76-113.88 we expect a possible bearish wave count towards 111.76 or even lower. In the meantime, we waiting for a clear breakout below 113.21, to confirm the continuation of the bearish price rally towards 111.76. Buy positions will only be ideal in case the pair end up breaking above 114.28 towards 114.88. Expect a similar wave count in USD/CHF, EUR/JPY, AUD/JPY and an exact opposite price action in EUR/USD and GBP/USD.

Trade Recommendations:

As long as the pair remains below 113.76-113.88, remain short with the first target at 113.76.

Bob Stan
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