USDJPY Elliot Waves Analysis For 13 January 2016

13 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 13 January 2016
Wave Analysis:
USD/JPY is currently trading with a bullish bias. during the previous trading day, usd/jpy found a support along the zone 117.1 and 117.3. The current upward movement is a continuation of wave (4) with an ultimate target at 188.77, a break above this level would mean wave (4) will likely be headed further long but should not go above 120.63. In case of a clear price rejection from 188.77, we will be keen to go short with an ultimate target at a monthly support 116.00. This pair should be traded alongside other positively correlated pairs such as NZD/USD, NZD/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price patterns. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

As long as the intraday stochastic trades above its neutrality level of 50, remain long with an ultimate target 188.77. In case of a clear rejection from 118.77, then sell with an ultimate target at 116.00

Graham Osano
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