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USDJPY Elliot Waves Analysis For 5 July 2016

05 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 5 July 2016
Wave Analysis:
USDJPY is currently trading with a bearish bias. Yesterday, the pair retraced to the lowerside and is still pretty much bearish. During this intraday, we still expect further downward movements towards 101.55 or even a breakout below it. This pair should be traded alongside EUR/JPY, GBP/JPY, HKD/JPY and AUD/JPY. These pairs have a strong positive correlation of up top +0.93 and will have a similar price action during this intraday.

Trade Recommendation:

If you are not short already, wait and sell below 101.55 with an ideal target at 99.00

Graham Osano
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