Technical Observation:
Nothing appears to have changed much since the other day's analysis. Following the bounce from the support line 1.3125, I still expect a rise towards 1.4659 or even higher. On the way upwards, the key lines to check for include 1.3591, 1.4097 and 1.4616, if these lines are successfully broken, then further rise towards 1.4659 is expected. As it is on the weekly chart above, only a buy trade can be recommended with a take profit fixed at 1.4659. I will also reconsider a short position but only if the price go below 1.3007.
Technical Levels
Resistance levels
R1: 1.3249
R2: 1.337
R3: 1.358
Technical Levels
Resistance levels
R1: 1.3249
R2: 1.337
R3: 1.358
Pivot
1.316
Support Levels
S1: 1.2739
S2: 1.295
S3: 1.3039
1.316
Support Levels
S1: 1.2739
S2: 1.295
S3: 1.3039
Trade Signal
Remain long towards 1.4659
Remain long towards 1.4659
Flat
02 November 2017, USD/JPY
Wave Analysis:
The Us Dollar remains above the upper resistance trend line despite our previous anticipated that it could drop below it. As long as this trend line protects the lower side, we expect a possible extension of the corrective wave (D) to the upper side but should not go beyond the end of the first corrective wave (B), 114.36. If the price can breakout above this line, then further rise towards 123.00 is expected. With this point view, the anticipated continuation of the impulsive wave (E) to the lower side is invalidated. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY and GBPJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
As long as the price remains above the upper trendline, we're looking for a long position with our target at 123.00. If the price gets below this trendline, then further drop towards the lower trendline is expected.
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