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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
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