21 December 2016, USD/JPY
Wave Analysis:
Yesterday, the pair retraced to the upper side, but could not go beyond 118.31. Although we expect further momentum to the upper side, we will only be interested to go long above 118.65, any clear rebound around 118.311-118.20 will culminate into a possible corrective three wave cycle with the third impulsive wave ending around 114.97-114.48. This is however, highly unlikely since the daily chart is pretty much bullish and will likely head towards 121.00 during this intraday. As long as the pair remain below the resistance level 118.31, on the 4H chart, we either stand aside, or expect a rebound from this level to go short. Expect an exact opposite price action in EURUSD, NZDUSD and GBPUSD.
Trade Recommendations:
Wait for a clear breakout above 118.65 to go long with the first TP at 121.00. Any clear rebound around 118.31 will call for short positions with the an ideal target at 114.97.
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