11 August 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with is currently trading a bullish bias. Yesterday, the pair traded short as previously forecasted and ended up rebounding from the lower support line forming bottom of the rectangular formation. We expect to continue long following this rebound but only up to 102.44. A clear breakout above 102.58 will call for further long positions with the next ideal target at 104.37. This pairs should be traded alongside NZD/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades within the rectangular formation, trade reversals from either key levels, 100.91 and 102.44. In the meantime, remain long with an ideal target at 102.44.
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