manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Log in

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