USDJPY Elliot Waves Analysis For 7 July 2016 | 07 Juli 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and is still pretty much bearish bias. During this intraday, we expect a possible bearish price movements towards 99.00. In the meantime, we sit on the sidelines and wait for a clear breakout below the supportive trend line to give us the green-light to continue short. This pair should be traded alongside GBP/JPY, EUR/USD, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for a clear breakout below the supportive trend line then go short with your ideal target at 99.00.