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USDJPY Elliot Waves Analysis For 8 August 2016

08 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 8 August 2016
Wave Analysis:
USDJPY is currently trading with a bullish bias. During the previous trading day on Friday, the pair rebounded from a key daily support level 100.86, headed long and is still pretty much bullish on the daily chart. We still expect a possible bullish price rally for the better parts of this intraday and may breakout above 102.44. This pair should be traded alongside NZD/JPY, GBP/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 102.44 and the next at 104.37

Graham Osano
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