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Maybe long but not for long

Maybe long but not for long | 24 May 2017

24 May 2017, USD/JPY

Maybe long but not for long

Wave Analysis:

Just as in the cable, the US Dollar entered into a converging wedge but has broken above it. As long as the price remains above this wedge, we expect an extension of the impulsive wave (c) to the upperside towards 115.04 and may break above towards 118.0. This view can only be invalidated in case the pair end up below 111.17 and most importantly below the lower trendline, A break below the lower trendline will push the price to the lowerside towards our previouly forecasted support 100.0 Expect a similar wave count in CHFJPY, EURJPY, CADJPY and NZDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 115.040

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Bob Stan
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