USDJPY Elliot Waves Analysis For 26 July 2016 | 26 Juli 2016
26 Juli 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bearish bias. Yesterday, the pair traded perfectly short as previously forecasted and is still pretty much bearish. Although we expect further rally to the lower side , we will only be interested in going short upon a clear breakout below 103.98. A break below this level is likely culminate into a possible bearish price rally towards 102.01 or even lower. This pair should be traded alongside AUD/JPY, EUR/JPY, USD/CHF and GBP/JPY. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday
Trade Recommendations:
If you are not short already, wait for a clear breakout below 103.98 to go short with an ideal target at 102.01.
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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