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USDJPY Elliot Waves Analysis For 10 March 2016

10 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 10 March 2016

Wave Analysis:

USD/JPY is currently trading with a bullish bias. During the previous trading day, usd/jpy bounced off from 112.35 as previously forecasted and still pretty much bullish. During this intraday, we will remain long but with our target at 114.56. A clear breakout above 114.83 would mean we are headed further long with the black wave ((c)) but with an ultimate target at 116.46. Also, be careful about a possible rebound from 114.46 for you to execute possible sell orders. This pair should be traded alongside other positively correlated pair such as NZD/JPY and GBP/JPY. This pair have a strong positive correlation to usd/jpy and is thus expected to have a similar price action. Only buy or sell usd/jpy if the other positively correlated pair is giving the same signal.
Trade Recommendation:
Remain long in this pair with your target at 114.56. A break above 114.86 would mean looking for further long positions with your next ideal level at 116.46.
Graham Osano
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