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USDJPY Elliot Waves Analysis For 14 July 2016

14 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 14 July 2016

Wave Analysis

USD/JPY is currently trading with a bullish bias. Yesterday, the pair retraced to the lower side but could not go below 103.99. During this intraday, we expect to continue to the upper side towards 106.30 or even higher to 108.97. Thus, during today, we will look for potential long positions with an ultimate target at 106.30. This pair should be traded alongside EUR/JPY, AUD/JPY, GBP/CHF, and GBP/JPY. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intarday.

Trade Recommendation:

Expect a possible bullish price rally towards 106.30. Sell positions are only recommended below 103.99 with an ideal target at 102.01.

Graham Osano
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