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USDJPY Elliot Waves Analysis For 25 May 2016

25 May 2016, USD/JPY

Wave Analysis:

USD/JPY is currently trading with a slight bearish bias. Yesterday, the pair traded long for the better parts of the day and even broke above 109.95 but has currently broken below it. As long as the pair trades below 109.95, we expect a rally to the lower side but should not close below 109.34. A clear break above 109.95 will confirm the continuation of the upward trend, which means looking for further long positions with an ideal target at 110.51. This pair should be traded alongside USD/CHF, GBP/JPY, GBP/CHF, EUR/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.85 and will likely move in the same direction during this intraday.

Trade Recommendations:

As long as the pair trades below 109.95, look for potential sell opportunities with your ultimate target at 109.34. A breakout above 109.95 will call for long positions with a target at 110.51. A breakout above this target will lead to further acceleration to the upper side.

Graham Osano
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