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USDJPY Elliot Waves Analysis For 23 August 2016

23 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 23 August 2016

Wave Analysis

USD/JPY is currently trading with a strong bearish bias. Yesterday, the pair rebounded perfectly from 100.73, headed short but is yet to reach our target support level 99.03. During this intraday, we expect a new impulsive rally towards this previous target or even lower. This view can only be invalidated in case the pair end up closing above 100.91. a clear breakout above 100.91 may delay the anticipated downward rally and could instead lead to a pressure to the upper side. This pair should be traded alongside CAD/JPY, NZD/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 99.033.

Graham Osano
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