USDJPY Elliot Waves Analysis For 21 June 2016 | 21 Juni 2016
21 Juni 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a strong bullish bias. Yesterday, the pair traded short and even formed a double bottom at 103.73. Following the pin bar formed earlier today, we expect further movements to the upper side but should not go beyond 105.80. A breakout above 105.80 will lead to an acceleration to the upper side with the next ideal stop at 107.10. This pair should be traded alongside EUR/JPY and AUD/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 long with an ideal target at 105.80.
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.
