USDJPY Elliot Waves Analysis For 30 May 2016 | 30 Mei 2016
30 Mei 2016, USD/JPY
Wave Analysis:
USDJPY is currently trading with a bullish bias. Yesterday, the pair rebounded from the support level 109.57-109.62, headed long and is still pretty much bullish. During this week we expect further movements to the upper side, in the meantime, we wait for a clear break above 110.51, to confirm the continuation of the anticipated upward rally, while a clear rebound from this resistance level will invalidate the anticipated upward and may act as the reversal point. This pair should be traded alongside EUR/JPY, GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intaday.
Trade Recommendations:
If you are not long already, sit on the sidelines and wait for a clear breakout above 110.51, then go long with your target at 111.03. Sell positions are only ideal upon a clear rebound from 110.48.
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.
