03 августа 2017, USD/JPY
Wave Analysis
Yesterday, we witnessed further correction of the impulsive wave (5) to the upper side. We expect this correction to continue during this intraday but should not go beyond the end of the impulsive wave (3) 110.063. If this level us broken, the the price could extend even higher towards 112.003 where we'll be looking for low risk sell opportunities. This upward correction is highly anticipated since the intraday stochastic is already bounding off from its oversold level of 20 and could rise towards the 50 level. Expect a similar wave count in CHFJPY, CADJPY, NZDJPY and AUDJPY. These pairs have a strong possible correlation of up to +67% and will move in the same direction during this intarday.
Trade Recommendations:
Expect a bullish growth to the upperside with the first target at 110.63 and the next target at 112.003.
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