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USDJPY Elliot Waves Analysis For 20 July 2016

20 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 20 July 2016

Wave Analysis

USD/JPY is currently trading with a bearish bias. Yesterday, the pair made very little movements from it's opening price and ended up forming an indecision candle on the daily chart. As long as the pair trades below 106.16, we expect a possible bearish reversal from this resistance level to go short with an ideal target at 104.37. A clear breakout above 106.51 will lead to a bullish price rally but should not go beyond 108.96. This pair should be traded alongside AUD/JPY, CAD/JPY and EUR/JPY. These pairs have a strong positive correlation off up to +0.96 and will have similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 106.16, expect a possible bearish price rally towards 104.37. A clear breakout above 106.51 will call for long positions with an ideal target 108.96.

Graham Osano
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