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USDJPY Elliot Waves Analysis For 13 June 2016

13 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 13 June 2016

Wave Analysis:
USD/JPY is currently trading with a bullish bias. During the previous trading week, The pair retraced to the lower side and even broke below 106.57. Following this break out, we expect an acceleration to the lowerside and may close below 105.55. In the meantime, we are waiting for a clear break out below 105.70 to give us the green light to go continue short with our target at 103.92. This pair should be traded alongside EUR/JPY, GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain Flat for now and wait for a clear break below 105.55 then go short with your first target at 103.92 and the next target at 103.24.

Graham Osano
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