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USDJPY Elliot Waves Analysis For 27 June 2016

27 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 27 June 2016

Wave Analysis:
USDJPY is currently trading with a bearish bias. During the previous trading day on 24th June 2016, the cable reacted negatively to Brexit, headed bearish and may head further to the lower side. During this intraday, we are very reluctant to go bullish , instead, we will only be interested in signals giving sell opportunities. This pair should be traded alongside GBP/JPY, USD/CHF, USD/CAD and GBP/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price movement towards the support 99.03

Graham Osano
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