Log in

USDJPY Elliot Waves Analysis For 22 March 2016

22 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 22 March 2016

Wave Analysis:

USDJPY is currently trading with a slight bullish bias. We expect the pair to trade on the high ranges as long as it trades above 112.39. A break above 112.39 may push the market further high to 112.52 from where we'll look to sell. The current upward movement is merely a retracement and will likely end along the Resistance level 112.52 or 112.58. A breakout above 112.58 will invalidate the anticipated rebound from this level. Meaning, if the latter is the case, we will look for long orders with our target at 114.02. A clear rebound from 112.52 will confirm the anticipated downward rally. Ideally, the anticipated downward rally should form a double bottom with the level 110.71. This pair should be traded alongside GBP/JPY, these pairs had a strong positive correlation during the previous intraday and will likely have a similar price action during this intraday.

Trade Recommendations:
Conservative traders should wait for a clear rebound from either 112.39 or 112.52 to go short with a target at 110.71. Buy positions are only recommended upon a clear breakout above 112.52.
Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.