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USDJPY Elliot Waves Analysis For 16 June 2016

16 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 16 June 2016

Wave Analysis

USD/JPY is currently trading with a bearish bias. Earlier today, the pair broke below the falling wedge and is still pretty much bearish. We expect further movements to the lower side and may even breakout below 101.90. In the meantime, we wait for minor retracements to the upper side to give us low risk sell opportunities. This pair should be traded alongside USD/CHF, and EUR/JPY. These pairs have a strong positive correlation op to + 0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your ideal target at 101.90.

Graham Osano
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