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USDJPY Elliot Waves Analysis For 30 May 2016

30 May 2016, USD/JPY

USDJPY Elliot Waves Analysis For 30 May 2016

Wave Analysis:

USDJPY is currently trading with a bullish bias. Yesterday, the pair rebounded from the support level 109.57-109.62, headed long and is still pretty much bullish. During this week we expect further movements to the upper side, in the meantime, we wait for a clear break above 110.51, to confirm the continuation of the anticipated upward rally, while a clear rebound from this resistance level will invalidate the anticipated upward and may act as the reversal point. This pair should be traded alongside EUR/JPY, GBP/JPY 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 intaday.
Trade Recommendations:

If you are not long already, sit on the sidelines and wait for a clear breakout above 110.51, then go long with your target at 111.03. Sell positions are only ideal upon a clear rebound from 110.48.

Graham Osano
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