Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
USDJPY Elliot Waves Analysis For 10 August 2016

USDJPY Elliot Waves Analysis For 10 August 2016 | 10 August 2016

10 August 2016, USD/JPY

Wave Analysis

USD/JPY is currently trading with a bearish bias. Yesterday, the pair entered into a rectangular formation not going above 102.58 or below 100.73. We are waiting for a clear breakout below the rectangle to go short while a breakout above it will call for long positions. However, as long as the pair trade within the rectangle, we will only be keen to trade reveals from either key levels, 102.58 and 100.73. This pair should be traded alongside GBP/JPY, CAD/JPY, NZD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action duing this intraday.

Trade Recommendations:

As long as the pair trades within the rectangle, trade reversals. A clear breakout below 100.73 will call for short positions with an ideal target at 99.033 while a clear breakout above 102.58 will mean looking for long positions with an ideal target at 104.24.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Login

Show password

Hide password

 Forgot password?
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 .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.