USDJPY Elliot Waves Analysis For 13 July 2016 | 13 Juli 2016

Wave Analysis:

USD/JPY is currently trading with a bullish bias. Yesterday, the pair traded long as previously forecasted and even hit our first target resistance level 104.38. This pair is still pretty much bullish and may still rally to the upper side. Thus, during this intraday, we expect a possible bullish price rally towards 106.30 or even higher to 108.97. This pair should be traded alongside GBP/JPY, GBP/USD, EUR/JPY, AUD/JPY and GBP/CHF. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday

Trade Recommendations:

Remain long with an ideal ultimate target at 108.97.