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USDJPY Elliot Waves Analysis For 26 August 2016

26 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 26 August 2016

Wave Analysis

USD/JPY is currently trading with a declining upward momentum. This pair continues to trade within the rising triangular formation but with a declining upward momentum. We are waiting for a clear breakout below the trend line forming hypotenuse of the triangle to go short. A clear breakout above 100.91 will culminate into a possible upward momentum towards 102.44 or even higher. This pair should be traded alongside NZD/JPY, CAD/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear breakout below the trend line then go short with an ideal target at 99.03. Buy positions are only recommended above 100.91 with an ideal target at 102.44.

Graham Osano
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