Wave Analysis:During the previous trading day on 30th Sept 2016, usd/jpy retraced to the upper side but is yet to reach the immediate upper trend line. We expect further movement towards this trend line to give us low risk sell opportunities towards $100.23. Any clear breakout above $101.77, may culminate into a possible bullish price rally towards 102.59 or even higher to 103.34. Trade this pair alongside USD/CHF. EUR/JPY, USD/ZAR, and HKD/JPY. These pairs have a strong positive correlation and will have a parallel price action during this intraday.
Trade Recommendations:
Wait for retracements to the immediate trend line to sell this pair with an ideal target at $100.23. Buy positions are only recommended above $101.77 with an ideal target $103.34
Origin: FreshForex
