Log in

USDJPY Elliot Waves Analysis For 16 May 2016

16 May 2016, USD/JPY

USDJPY Elliot Waves Analysis For 16 May 2016

Wave Analysis:

USDJPY is currently trading with a bearish bias. During the previous trading day on 13th May 2016, usd/jpy traded long for the better parts of the day and even formed a triple top at 109.34 as previous forecasted. During this intraday, we wait for a clear breakout below the zone 108.65-108.58 to go short. However, as long as this zone protects the upper side we expect a possible rebound from this level. This pair should be traded alongside EUR/JPY, GBP/JPY, USD/CHF and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades above 108.65-108.58, look for long positions with your target at 109.34. A clear break below this zone will push the price to the lower side will call for short positions with targets at 107.91 and the next target at 107.37.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.