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USDJPY Elliot Waves Analysis For 25 March 2016

25 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 25 March 2016
Wave Analysis:
USDJPY is currently trading with a bullish bias. During the previous traded long and even broke above the top of the triangle, 112.37. As long as the pair trades above this level, look for long positions with your target at 116.31. In an alternative case scenario, should the price turn bearish and end up closing below 112.37, then it will be wise to sell the pair with your target at 110.71. This pair should be traded alongside USD/CHF and USD/CAD. These pairs have a very strong positive correlation of up to +0.91 and will likely move in a similar direction during this intraday.

Trade Recommendations:

Hold on to long positions with your target at 113.44. A break above this level will mean looking for further long positions with your next target at 113.81. Only sell upon a clear breakout below 112.37

Graham Osano
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