15 June 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bullish bias. As previously forecasted, The pair tested the support level 105.80 but could not close below it. We expect the current upward rally to be a mere retracement and should not go above 106.57, a clear breakout above this level will lead to an acceleration to the upper side but should not close above 108.58 A clear rebound from this level will lead to a momentum to the lowerside but should not go below the support level 103.24. This pair should be traded alongside GBP/JPY, AUD/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.
Trade Recommendations:
If you are not long already, wait for a clear breakout above 106.57 then go long with your targets at 107.37 and 108.58. Sell positions are only recommended upon a clear rebound from 106.57 or below 105.80 with an ideal target at 103.24.
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