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USDJPY Elliot Waves Analysis For 18 August 2016

18 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 18 August 2016

Wave Analysis

USD/JPY is currently trading with a bearish bias. Yesterday, the pair rebounded from the resistance level 100.91, headed short a previously forecasted but is yet to reach our target demand level. we expect the current downward rally to the continuation of wave (c) but should not go beyond 99.033. This pair should be traded alongside AUD/JPY, GBP/JPY, NZD/JPY, and CAD/JPY. These pairs have a strong positive correlation of up to +0.90 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:

Remain short with an ideal target at 99.033.

Graham Osano
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