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USDJPY Elliot Waves Analysis For 6 June 2016

06 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 6 June 2016

Wave Analysis:
USDJPY is currently trading with a bearish bias. Following the NFP results the pair traded massively short and even hit our two targets 107.37 and 106.47. Following this breakout, we still expect further movements to the lower side and may go below 105.70. In the meantime, we wait for a clear break below 106.47 to give us the green light to continue short. This pair should be traded alongside GBP/JPY, GBP/CHF, EUR/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now and wait for a clear break below 106.47 then go short with your target at 105.70 and 103.92. A clear rebound from 106.47 will call for long positions with a target at 107.37 and 108.58.

Graham Osano
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