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USDJPY Elliot Waves Analysis For 8 July 2016

08 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 8 July 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. As previously forecasted, the pair traded short but could not close below the lower supportive trend line. During this intraday, we expect a possible breakout below this trend line to continue short with an ideal target at 99.00. This pair should be traded alongside GBP/JPY, EUR/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price movements towards 99.00.

Graham Osano
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