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USDJPY Elliot Waves Analysis For 1 July 2016

01 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 1 July 2016

Wave Analysis:

USD/JPY is currently trading with a slight bearish bias. Yesterday, the pair rebounded above its consolidation zone 102.34-102.06, headed long but is yet to reach our target resistance level 103.70. We expect a possible bullish price movements towards 103.70 or even higher to 104.84. This view can only be invalidated in case the pair end up closing below 102.06. If the latter is the case, then we expect a downward momentum towards 100.78. This pairs should be traded alongside EUR/JPY, HKD/JPY and GBP/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:

Expect a possible bullish price movements towards 103.7 or even higher to 104.84.

Graham Osano
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