Believe in buyers | 26 August 2016
26 August 2016, USD/JPY
Pair hasn’t moved so it is better to see the situation on the shorter timeframe.
We can observe on the one-hour timeframe that the price trading into the tapered triangle which is supposedly would be wedge.
Indicated model looks like finished mode and in near time we can expected strong impulse growth according to the forming wave iii.
So for opening deal you can use pending order on buy and set it on the level 100.70.
Pending order could protect against mistaken characteristic of triangle if it is horizontal triangle on the place of fourth wave of decrease impulse instead of wedge.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
