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USDJPY Elliot Waves Analysis For 3 August 2016

03 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 3 August 2016

Wave Analysis

USD/JPY is currently trading with a bearish bias. Yesterday, the pair broke below a key support level 102.25 and may continue to the lower side during this intraday. We expect this pair to trade on the lower ranges during this intraday but should not go beyond 99.03. A clear breakout below this level will push the price further to the lower side. This pair should be traded alongside CAD/JPY, NZD/JPY, AUD/JPY, and HKD/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:

Remain short with an ideal target at 99.03.

Graham Osano
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