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USDJPY Elliot Waves Analysis For 17 June 2016

17 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 17 June 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. Yesterday, the pair broke below the falling wedge and is still pretty much bearish. The daily candle is very bearish which means the bears may still be having enough energy to drive the market to the lower side, thus, during this intraday, we will only be keen to hunt for situations that signal a downward momentum. This pair should be traded alongside EUR/JPY, GBP/JPY and USD/CAD. 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 short with your target at 101.9.

Graham Osano
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