02 December 2016, USD/JPY
Wave Analysis:
Following the breakout above 113.88, the pair accelerated to the upper side but has currently retraced back to it, 113.88. As long as the level 113.88 limits any invasion to the lower side, we expect a possible rebound from this level to go long with an ideal target at 121.44. Any clear breakout below 113.76 will signal a possible increase in sellers and could culminate into a bearish wave count towards 111.78 and possibly lower. In the meantime, we hold onto a bullish sentiment on this pair. Expect an exact similar wave count in EUR/JPY, USD/CHF and an exact opposite wave count in GBP/USD, and EUR/USD. Only buy or sell the US Dollar if the first two pairs are giving the same signal while the last two are giving an opposite signal.
Trade Recommendations:
As long as the pair trades above 113.88, expect a possible rebound from this level to go long with an ideal target at 121.44. Any clear breakout below 113.76 will call for short positions with an ideal target at 111.76.
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