USDJPY Elliot Waves Analysis For 29 February 2016
29 February 2016, USD/JPY
USD/JPY is currently trading with bearish bias. During the previous trading week, usd/jpy traded short as previous forecast and even formed a double bottom at 111.30. We expect a continuation of the upward rally for wave (c) to close along 116.67. Thus during this intraday, we will wait for minor pullback towards the now supportive upper trend line for us to continue long with our ultimate target at 116.67. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, HKd/JPY, and GBP/JPY. These pairs have a strong positive correlation to usd/jpy and are thus expected to have a similar chart pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Wait for the current pull backs to rebound from the now supportive trend line, then buy the pair with your ultimate target 116.67
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