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USD/JPY Elliot Waves Analysis For 15 March 2016

15 March 2016, USD/JPY

Wave Analysis:

USDJPY is currently trading with a slight bullish bias. During the previous trading day, usd/jpy traded long but could not close above the key level 114.56. We are waiting for a clear close above this level to go long with wave ((c)) with our ultimate target at 116.46. A clear break below 112.35 would mean looking for short position with our target at 111.100.This pair should be traded alongside CAD/JPY, and CHF/JPY. These pair have a strong positive correlation of up to +0.81 and are thus expected to have a similar priceaction. Only buy or sell usd/jpy if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

Wait for a clear close above 114.56 to go long with your ultimate target at 116.46. Or a clear break below 112.35 would mean looking for short position with our target at 111.100.

Graham Osano
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