02 August 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bullish bias. Yesterday, the pair traded with a neutral bias to either sides of the market and ended up closing just a few pips away from it's opening price. As long as the level 102.30 protects the lower side we expect, we expect a bullish rebound from this level to go long with an ideal target at 104.37. This view can only be invalidated in case the pair end up closing below 102.30. This pair should be traded alongside GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades above 102.30, look for potential long positions with an ideal target at 104.37 and 106.51. Sell positions are only recommeded below 102.30 with an ideal target at 99.03
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