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USDJPY Elliot Waves Analysis For 28 June 2016

28 June 2016, USD/JPY

USDJPY Elliot Waves Analysis For 28 June 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. Yesterday, this pair broke below it's consolidation zone 102.3-102.6 and is currently trading below a key level 102.06. This pair is still pretty much bearish and as long as its trading below 102.3-102.0, we expect an acceleration to the lower side but should not go beyond 99.06. This pair should be traded alongside EUR/JPY, USD/CAD, and USD/CHF. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your ultimate target at 99.06

Graham Osano
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