USDJPY Elliot Waves Analysis For 2 May 2016 | 02 May 2016
02 May 2016, USD/JPY
Wave Analysis:
USDJPY is currently trading with a bearish bias. During the previous day on 29th April, the pair broke below a significant weekly support 107.9, traded short and is still pretty much bearish. Following the thrash to the lower side, were are very reluctant to open long positions, instead we are looking for trend continuation candles to continue short with our target at 105.39. In the meantime, we expect minor retracements to the upper side to continue short. This pair should be traded alongside EUR/JPY, AUD/JPY, GBP/JPY, and USD/CHF. These pairs have a strong positive correlation of up to +0.90 and will likely have a similar price action during this week.
Trade Recommendations:
wait for minor pullback to give you a low risk sell opportunity. The sell position should have a target at 105.39. A breakout below this level will push the price further to the lower side.
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