Log in

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
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.