30 June 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with bearish bias. Yesterday, the pair traded neutrally to either sides but could not break above or below the triangular formation.During this intraday, we are waiting for a breakout above the triangle to go long while a breakout below will lead to an acceleration to the lower side but should not close below 99.06. This pair should be traded alongside EUR/JPY, GBP/CHF, and HKD/JPY. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
Trade Recommendations:
Remain flat for now and wait for a breakout above the triangle to go long with an ideal target at 104.19. A break below the triangle will call for short position with an ideal target at 99.06
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