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USDJPY Elliot Waves Analysis For 6 July 2016

06 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 6 July 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. As previously forecasted, the pair broke below the support level 101.55, headed short but is currently trading along the lower supportive trend line. We expect a possible rebound from this trend line to go long with our ideal target at 103.99. This view remains valid as long as the pair trades above the trend line. A clear breakout below this trend line will culminate into a possible bearish price movements towards 99.00. This pair should be traded alongside GBP/JPY, AUD/JPY and GBP/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait and go short below the lower trend line. Buy positions are recommended above 101.83 with an ideal target at 103.99.

Graham Osano
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