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USDJPY Elliot Waves Analysis For 1 August 2016

01 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 1 August 2016

Wave Analysis

USDJPY is currently trading with a bearish bias.During the previous trading day on 29th July 2016 , the pair traded perfectly short and previously forecasted and even hit our target take profit level 102.11. The daily candle is still pretty much bearish and may drive the price further to the lower side but should not go beyond 99.03. This view can only be invalidated in case the pair clearly rebound from 102.30. This pair should be traded alongside NZD/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Trade Recommendation:
Wait for a clear breakout below 102.11 then go short with an ideal target at 99.03. A clear rebound from 102.11 will call for long positions with an ideal target at 104.37
Graham Osano
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