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USDJPY Elliot Waves Analysis For 5 May 2016

05 May 2016, USD/JPY

Wave Analysis:
USD/JPY is currently trading with a bearish bias. Yesterday, the pair entered into a a consolidation not going above 107.37 or below 106.23. We expect a breakout from either of the sides to go long or short depending on the direction of breakout. A breakout above 107.37 will lead to an acceleration to the upper side, while a breakout below 106.23 will lead to a rally to the lower side. During this intraday, key leves are seen at 105.55, 106.23, 107.37, 107.80, and 109.10.This pair should be traded alongside USD/CHF, USD/CAD, EUR/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.92 and will likely have a simila price action during this intraday. Only buy or sell usd/jpy if the other pairs are giving the same signal.

Trade Recommendations:

Wait for a clear breakout above 107.37 to go long with your targets at 107.91 and 109.10. In an alternative case scenario, should the price close below106.23, then go short with your target at 105.55.

Graham Osano
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