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USDJPY Elliot Waves Analysis For 1 June 2016

01 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 1 June 2016
Wave Analysis
USD/JPY is currently trading with a bearish bias. Yesterday, the pair formed a near double top at 111.35, Traded short and is still pretty much bearish. We expect further movements to the lower side and may break below 109.57. A break below 109.57 will mean we are headed further to the lower side but should not close below 109.10. This pair should be traded alongside GBP/CHF, EUR/JPY and GBP/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday
Trade Recommendations:

If you are not short already, sit on the sidelines and wait for a clear breakout below 109.57 then go short with your target at 109.10. Buy positions will only be recommended in case the price rebounds from 109.57.

Graham Osano
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