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USDJPY Elliot Waves Analysis For 12 July 2016

12 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 12 July 2016

Wave Analysis

USD/JPY is currently trading with a bullish bias. Yesterday, the pair rebounded from the supportive trend line, headed long and even broke above 102.01. This pair is still pretty much bullish and will likely head to the upper side but should not close above 106.26. Thus, during this intraday, we expect a possible bullish price rally towards 104.37 or even higher to 106.26. This pair should be traded alongside EUR/JPY, AUD/JPY, and GBP/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations.

Remain long with Ideal targets at 104.37 and 106.29.

Graham Osano
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