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USDJPY Elliot Waves Analysis For 16 March 2016

16 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 16 March 2016
Wave Analysis:

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.

Trade recommendations:

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.

Graham Osano
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