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USDJPY Elliot Waves Analysis For 20 June 2016

20 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 20 June 2016

Wave Analysis:
USD/JPY is currently trading with a bearish bias. Earlier today, the pair gapped to the upperside but could not close above 104.73. We still expect further movements to the lower side and may break below 103.54. In the meantime, we are wait for a clear breakout below 104.21 to go short with an ideal target 101.3. This pair should be traded alongside EUR/JPY, GBP/JPY, CAD/JPY and USD/CHF. These pairs have a strong positive correlation of up to +0.94 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your ideal target at 101.3.

Graham Osano
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