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USDJPY Elliot Waves Analysis For 22 August 2016

22 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 22 August 2016

Wave Analysis

USD/JPY is currently trading with a declining bullish bias. Earlier today, the pair gapped into our objective supply zone 100.91-100.73, Unless there is a clear breakout above 100.91, expect a possible rebound from this zone to go short with an ideal target at 99.03. A clear breakout above 100.91 may culminate into a possible bullish price rally towards 102.44 but should not go beyond 104.37. This pair should be traded alongside CAD/JPY, NZD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will; have a similar price action during this intraday.

Trade Recommendations:

Buy above 100.91 with an ideal target at 1002.44. A clear rebound from 100.73 will call for short positions with an ideal target at 99.03.

Graham Osano
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