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USDJPY Elliot Waves Analysis For 22 July 2016

22 July 2016, USD/JPY

USDJPY Elliot Waves Analysis For 22 July 2016

Wave Analysis

USD/JPY is currently trading with a bearish bias. Instead of going long as previously forecasted, the pair retraced to the lower side and even broke below 106.51. As long as the pair trades below 106.16, we expect a possible bearish price movements towards 104.37 or even lower to 102.01. This pair should be traded alongside GBP/JPY, AUD/JPY, EUR/JPY, CAD/JPY and NZD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 106.16, remain short with your targets at 104.37 and 102.01

Graham Osano
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