01 9月 2016, USD/JPY
Wave analysis
As previously forecasted, the impulsive wave 3 traded long and even broke above 103.27, following this breakout, we expect this wave to be extensive in nature but should not go beyond 104.38. Although we cannot rule out a possible momentum to the lower side, an acceleration to the upward rally is highly anticipated since the other positively correlated pairs, NZD/JPY and CAD/JPY, are pretty much bullish and will head further to the upper side. As long as the usdjpy trades above 103.27, expect an upward momentum towards 104.38 or even higher.
Trade Recommendations:
If you are not long already, go long with an ideal target at 104.38.
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