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USDJPY Elliot Waves Analysis For 24 March 2016

24 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 24 March 2016

Wave Analysis:

USDJPY is currently trading with a bullish bias. The pair broke above the top of the triangle and ended up rebounding from it upon retracing back to the level 112.36. We expect to continue long with our target at 113.44. A break above 113.44 will mean we are headed further long with our next target at 113.61. In an alternative case scenario, should the price turn bearish and end up closing below 112.36, then we will be keen to hunt for short positions with our ultimate target at 110.71. Ideally, a breakout below 110.71 will push the market further short to form a double bottom with the level 110.71. This pair should be traded alongside CHF/JPY EUR/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.87 and will likely have a similar chart set up during this intraday. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal

Trade Recommendations:

Expect to continue long with your target at 113.44. A break above 113.44 will mean looking for further long positions with your next target at 113.61. In an alternative case scenario,a close below 112.36, will call for short positions with an ultimate target at 110.71.
Graham Osano
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