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USDJPY Elliot Waves Analysis For 14 March 2016

14 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 14 March 2016
Wave Analysis:
USD/JPY is currently trading with a bullish bias. During the previous trading day, usd/jpy traded long but is yet to reach our target level of 114.00. During this intraday, we anticipate further movements towards this level or even further to 114.58. A clear break above 114.58 will mean we are headed further long with our ideal target at 116.70. ideally, we expect the anticipated upward rally to be the continuation of the three wave cycle with wave ((c)) ending at 116.74. Only sell upon a clear breakout below 113.14 with your ideal target at 112.08. This pair should be traded alongside EUR/JPY, and CHF/JPY. These pair have a strong positive correlation of up to 0.85 and are thus expected to have a similar price action. Only buy or sell usd/jpy if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

Wait for minor pullbacks towards 113.42 then buy the pair with your target at 114.58. A clear break above 114.58 will mean we are headed further long with our ideal target at 116.70. Only sell upon a clear breakout below 113.14 with your ideal target at 112.08.

Graham Osano
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