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USDJPY Elliot Waves Analysis For 11 July 2016

11 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 11 July 2016
Wave Analysis:
USDJPY is currently trading with a bearish bias. During the previous trading day on 8th July 2016, usd/jpy traded short as previously forecasted but could not break below the supportive trend line. As long as the pair trades above this trend line, expect a possible bullish reversal from this trend line to go long with an ideal target 101.54. A breakout below this trend line will culminate into a momentum to the lower side but should not close below 99.00. This pair should be traded alongside GBP/JPY, AUD/JPY, and GBP/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above the trend line expect a possible bullish reversal to go long with an ideal target at 104.37. A breakout below the trend line will call for short positions with an ideal target at 99.00

Graham Osano
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