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USDJPY Elliot Waves Analysis For 16 August 2016

16 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 16 August 2016

Wave Analysis

USDJPY is currently trading with a strong bearish bias. Earlier today, the pair broke below it's rectangular formation, headed short and is still pretty much bearish on the daily chart. We are waiting for minor upward pullbacks towards the just broken zone (100.71-10091) to give us low risk sell opportunities. Ideally, we wait for wave (b) to end around 100.71 then sell wave (c) towards 99.033 This view can only be invalidated in case the pair end up closing above 100.91. This pair should be traded alongside NZD/JPY, CAD/JPY, GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for minor upward pullback towards 100.71 to give you low risk sell opportunities with an ideal target at 99.03

Graham Osano
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