USDJPY Elliot Waves Analysis For 17 June 2016 | 17 June 2016
17 June 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bearish bias. Yesterday, the pair broke below the falling wedge and is still pretty much bearish. The daily candle is very bearish which means the bears may still be having enough energy to drive the market to the lower side, thus, during this intraday, we will only be keen to hunt for situations that signal a downward momentum. This pair should be traded alongside EUR/JPY, GBP/JPY and USD/CAD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.
Trade Recommendations:
Remain short with your target at 101.9.
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.
