USDJPY Elliot Waves Analysis For 15 August 2016

USD/JPY is currently trading with a bullish bias. As long as the pair trades within the rectangular formation, we will only be keen to trade reversals from either levels 102.58 and 100.71.. A clear breakout above 102.58 will call for long positions while a clear breakout below 100.71 will call for short positions. This pair should be traded alongside CAD/JPy, NZD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Remain long for now but only up to 102.58, a clear breakout above this target will call for further long positions with the next target at 104.37. Sell positions are only recommended below 100.71 or upon a clear rebound from 102.44.