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Bullish engulfing candle above the previous day's highest high 114.18

Bullish engulfing candle above the previous day's highest high 114.18 | 15 February 2017

15 February 2017, USD/JPY

Wave Analysis

Yesterday, the US Dollar opened at 113.74, went as low as 113.19, but ended up closing at 114.24, just a few pips above the previous day's highest high 114.18. The previous day's candle is a perfect bullish engulfing candle opening at a key pivot level 113.72. During this intraday, we expect a possible bullish price movements towards 115.28 and possibly higher to 118.26. In the meantime, we are waiting for minor bearish retracements towards 113.87 to give us low risk sell opportunities. This pair should be traded alongside USDCHF, HKDJPY and CADJPY. These pairs have a strong positive correlation of up to +65% and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 115.28 and possibly higher to 118.26.

Bob Stan
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