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USDJPY Elliot Waves Analysis For 24 June 2016

24 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 24 June 2016

Wave Analysis

USD/JPY is currently trading with a strong bearish bias. Following the Brexit, most currencies moved unanimously to the lower side including the US dollar Yen. We expect a possible bearish momentum towards 99.02. Thus, during this intraday, we will only be keen to look for signals that give bearish confirmations. This pair should be traded alongside EUR/JPY, GBP/JPY and USD/CHF. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible downward momentum towards 99.01.

Graham Osano
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