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USDJPY Elliot Waves Analysis For 21 June 2016

21 June 2016, USD/JPY

Wave Analysis

USD/JPY is currently trading with a strong bullish bias. Yesterday, the pair traded short and even formed a double bottom at 103.73. Following the pin bar formed earlier today, we expect further movements to the upper side but should not go beyond 105.80. A breakout above 105.80 will lead to an acceleration to the upper side with the next ideal stop at 107.10. This pair should be traded alongside EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 105.80.

Graham Osano
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