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USDJPY Elliot Waves Analysis For 9 August 2016

09 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 9 August 2016

Wave Analysis

USD/JPY is currently trading with a slight bearish bias. Recently, usd/jpy has been moving upwards as previously forecasted and even tested 102.39. From the daily chart, its looks too risky to sell this pair, instead, we expect a possible bullish price rally towards 103.98 or even higher. This pair should be traded alongside CAD/JPY, NZD/JPY, AUD/JPY, GBP/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.94 and will have a similar price action during this intraday. Only buy or sell usd/jpy if the other pairs are giving the same signal.

Trade Recommendations:

Look for potential buy opportunities upon minor downward retracements towards 102.00.

Graham Osano
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