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USDJPY Elliot Waves Analysis For 4 July 2016

04 July 2016, USD/JPY

Wave Analysis:
USD/JPY is currently trading with a bearish. During the previous trading day on 1st July 2016. instead on continuing long as previously forecasted, the pair went short and is still pretty much bearish. We expect the current toward rally on the daily chart to be a mere retracement and should not go below 102.10. This pair should be traded alongside EUR/JPY, GBP/JPY and HKD/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 short but only up to 102.10. A breakout below this target will lead to further short positions

Graham Osano
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