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USDJPY Elliot Waves Analysis For 31 May 2016

31 May 2016, USD/JPY

USDJPY Elliot Waves Analysis For 31 May 2016

Wave Analysis:

USD/JPY is currently trading with a strong bullish bias. Yesterday, the pair traded long for the better parts of the day, and is still pretty much bullish. We expect the price to continue long and form a double top at the resistance level 113.35 from where we'll be looking for potential sell opportunities. This pair remains valid as long as the Resistance level 113.35 protects the upperside, a clear breakout above this level may invalidate this view. This pair should be traded alongside USD/CHF, EUR/JPY and USD/CAD. These pairs have a moderate to strong positive correlation to usd/jpy and will likely have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait for a clear break above 111.35 then go long with your ideal target at 111.55. Sell positions are only ideal upon a clear rebound from 111.35 or below 111.03 with your target at 110.48.

Graham Osano
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