USDJPY Elliot Waves Analysis For 8 August 2016 | 08 أغسطس 2016

08 أغسطس 2016, USD/JPY

Wave Analysis:

USDJPY is currently trading with a bullish bias. During the previous trading day on Friday, the pair rebounded from a key daily support level 100.86, headed long and is still pretty much bullish on the daily chart. We still expect a possible bullish price rally for the better parts of this intraday and may breakout above 102.44. This pair should be traded alongside NZD/JPY, GBP/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 102.44 and the next at 104.37

The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.

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Bob Stan

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