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USDJPY Elliot Waves Analysis For 8 March 2016

USDJPY Elliot Waves Analysis For 8 March 2016 | 08 March 2016

08 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 8 March 2016
Wave Analysis:
USD/JPY is currently trading with a bullish bias. During the previous trading week, usd/jpy rebounded from114.56 and is currently heading towards a short term support level 112.35. During this intraday, we expect the pair to trade in the lower ranges as long as it keeps making lower lows. We will therefore remain short with with a short term target at 112.35, a break below this support would mean we are headed further short but with an ideal target at 111.10. Ideally, 112.35 should mark the end of the black wave ((b)) and to signal the unfolding of wave ((c) with an ideal target at 116.46. A clear rebound from either 112.35 or 111.10 would mean looking for long positions with your ultimate target at 116.46This pair should be traded alongside other positively correlated pairs such as NZD/JPY, NZD/CHF and GBP/JPY. These pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price direction

Trade Recommendations:

Remain short but with your ideal targets at 112.35, or a break below this level would mean further sell orders with the last target at 111.10. A clear rebound from either 112.35 or 111.10 would mean looking for long positions with your ultimate target at 116.46

Bob Stan
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