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USDJPY Elliot Waves Analysis For 16 February 2016

16 February 2016, USD/JPY

USDJPY Elliot Waves Analysis For 16 February 2016
Wave Analysis:
The current count in USD/JPY still indicates a possible acceleration to the upper side. Meaning, following a break above 114.35, usd/jpy is likely to continue long with our ultimate targets at 116.14 and 117.17. However, to confirm the anticipated bullish progression, the market need to close above the intraday resistant at 115.10. On the other hand, a clear close below 114.18, will call for sell positions with an ultimate target at 112.40. This pair should be traded alongside other positively correlated pairs such as USD/CHF. These pairs have a very strong positive correlation of up to +0.96 and are thus expected to move in a similar direction.

Trade Recommendations:

Look for long positions above 115.10 with your targets at 116.14 and 117.17. On the other hand, a clear break below 114.18 will call for sell orders with your ultimate target at 112.40

Graham Osano
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