USDJPY Elliot Waves Analysis For 8 June 2016 | 08 June 2016

Wave Analysis

USD/JPY is currently trading with a bearish bias. As previously expected, the pair traded short and even broke below 107.39. We still expect further movements to the lower side. But in the meantime, we are waiting for a clear breakout below 106.49 to confirm the anticipated bearish rally. Otherwise, in case the price break above 107.37, then we'll expect an acceleration to the upper side with out target at 109.03. This pair should be traded alongside GBP/CHF, EUr/JPY, GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your first target at 106.49. A break below this target will push the price further to the lower side with the next target at 105.70.