USDJPY Elliot Waves Analysis For 29 July 2016 | 29 Juli 2016

Wave Analysis

USD/JPY is currently trading with a strong bearish bias. Earlier today, the pair traded massively short and even broke below 103.98, we expect further movements to the lower side but should not go beyond 102.01. A break below 102.01 will push the price further to the lower side with an ultimate target at 99.03. This pair should be traded alongside CAD/JPY, NZD/JPY, GBP/JPY, AUD/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 104.37-103.98, remain short with an ideal target at 102.20 and the next target at 99.03.