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USDJPY Elliot Waves Analysis For 18 July 2016

18 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 18 July 2016
Wave Analysis:
USDJPY is currently trading with a bearish bias. As previously forecasted, the pair rebounded from 106.30, headed short and is still pretty much bearish. We expect to continue short with this pair but should not go beyond 103.99. A break below this target will lead to futher momentum to the lowerside.This pair should be traded alongside GBP/USD, GBP/CHF, GBP/JPY, EUR/USD, AUD/JPY and AUD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 103.99

Graham Osano
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