USDJPY Elliot Waves Analysis For 17 May 2016 | 17 Maio 2016

17 Maio 2016, USD/JPY

USDJPY Elliot Waves Analysis For 17 May 2016

Wave Analysis

USD/JPY is currently trading with a strong bullish bias. During the previous week, the pair formed a triple top at 109.34, headed short but could not close clearly below 108.47. We are waiting for a clear breakout above the current triangular formation to go long, or a clear rebound from 109.34 to go short. However, as long as the level 109.34 protects the upper side, we expect an acceleration to the lower side but should not go below 107.80. This pair should be traded alongside USD/CHF, USD/CAD, GBP/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.92 and will likely have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now and wait for a clear breakout above the resistance level 109.34 to go long with your target at 109.84. A clear rebound from this resistance line will call for short positions with your targets at 108.47 and 107.80.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Entrar
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.