23 June 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bearish bias. Earlier this week, this pair entered into a consolidation not going above 104.82 or below 104.15. We are waiting for a clear breakout above 104.82 to go long with an ideal target 105.80, or a break below below 104.15 to go short. However, as long as the pair trades between 104.82-104.15, we look to trade reversals. This pair should be traded alongside EUR/JPY, AUD/JPY, and HKD/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:
Wait for a clear break below 104.15 to go short with an ideal target at 103.53. A clear breakout above 104.82 will mean looking for long positions with an ideal target at 105.80. However, as long as the pair trades between 104.82-104.15 trade reversals.
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