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USDJPY Elliot Waves Analysis For 7 March 2016

07 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 7 March 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy rebounded from the zone 114.66-114.28, and is currently still bearish. We will remain short with an ultimate target at 112.35 and 111.30. Ideally, we expect the current downward movement to be the unfolding of wave ((b)) to the lower side. We will only buy upon a clear breakout above 114.66 with an ultimate target at 116.46. This pair should be traded alongside other positively correlated pairs such as HKD/JPY, NZD/JPY, EUR/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +0.92 and are thus expected to have a similar chart set ups. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendation

Remain short with an ultimate target at 112.35 and 111.30. Only buy upon a clear breakout above 114.66 with an ultimate target at 116.46.

Graham Osano
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