27 May 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bearish bias. Yesterday the pair traded short and even gave us a trend continuation candle on the daily chart. During intraday, we expect further movements to the lower side but should not go below 109.10. In the meantime, we sit on the side lines and wait for a clear break below 109.57 to confirm the continuation of the downward trend. This view remains valid as long as the pair trades below 109.92, a break above 109.95 will lead to an acceleration to the upper side but should not close above 110.51. This pair should be traded alongside EUR/JPY, GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action duing this intraday.
Trade Recommendations:
Sit on the sidelines and wait for a clear breakout below 109.57, then go short with your target at 109.10. Buy positions are only recommended above 109.95 with an ultimate target at 110.51.
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