16 March 2016, USD/JPY
USD/JPY is currently trading with a bearish bias. For the past few days, usd/jpy entered into a range not going above 114.02 or below 112.58. We are waiting for a clear break above 114.02 to buy the pair with our target at 116.92 or a break 112.58 to sell the pair with our target at 110.86. Although either direcions is possible, a break above 114.02 is highly anticipated for us to continue with wave ((c)) towards 116.46.This pair should be traded alongside NZD/JPY and GBP/JPY. These pairs have strong positive correlation of up to +0.96 and will thus have a similar price action during this intraday. Only buy or sell usd/jpy is all the other positively correlated pairs are giving the same signal.
We are waiting for a clear break above 114.02 to buy the pair with our target at 116.46 or a break 112.58 to sell the pair with our target at 110.86.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us