USDJPY Elliot Waves Analysis For 29 June 2016 | 29 Junho 2016

Wave Analysis

USD/JPY is currently trading with a slight bullish bias. Yesterday, the pair broke above its consolidation zone 102.34-102.06, but ended up trading within it. A clear breakout above 102.34 will culminate into a possible bullish price action towards 103.70, while a breakout below 102.06 will lead to an acceleration to the lower side but should not close below 99.01. This pair should be traded alongside EUR/JPY, GBP/CAD, and AUD/JPY. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now and only buy above 102.34 with an ideal target at 103.70. A clear breakout below 102.06 will call for short positions with an ideal target at 99.01.