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USDJPY Elliot Waves Analysis For 9 May 2016

USDJPY Elliot Waves Analysis For 9 May 2016 | 09 May 2016

09 May 2016, USD/JPY

USDJPY Elliot Waves Analysis For 9 May 2016
Wave Analysis:
USDJPY is currently trading with a bullish bias. During the previously trading day on 6th April, the pair broke below the triangle headed short but is currently retracing to the just crossed trend line. During this intraday, as long as the level 107.37, protects the upper side, expect an acceleration to the lower side. A clear breakout above 107.37 will push the price to the upper side. This pair should be traded alongside USD/CHF, EUR/JPY, USD/CAD, and GBP/JPY. These pairs have a strong positive correlation of up to +0.85 and will likely have a similar price action during this intraday

Trade Recommendations:

As long as the level 107.37 protects the upper side, expect an acceleration to the lower side with a target at 106.23. A clear breakout above 107.37 will call fo long positions with a target at 107.91

Bob Stan
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