manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Log in

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
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .