14 December 2016, USD/JPY
Wave Analysis:
As previously forecasted, the corrective wave (4) traded short but could not go beyond the supportive zone 114.80-114.47. The current chart setup and structure shows signs of a possible increase in the number buyers, and as long as the pair remains above this zone (114.80-114.47), we expect a possible bullish price rally towards 121.00 or even higher to 124.00. The anticipated upward rally is the continuation of the impulsive wave (5) to the upper side. Sell positions will only be reconsidered in case the pair end up breaking below 114.47, if the latter is the case, then an acceleration towards 113.39 is inevitable. Expect an exact opposite wave count in EURUSD, NZDUSD, AUDUSD, GBPUSD and and exact similar price action in NZDJPY, CADJPY and AUDJPY.
Trade Recommendations:
Remain long with the first target at 121.00 and the next target at 124.03
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