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USDJPY Elliot Waves Analysis For 31 March 2016

31 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 31 March 2016

Wave Analysis:

USD/JPY is currently trading with a bullish bias. During the previous trading day, usd/jpy traded short but could not close below the support level 112.20. Instead, earlier today, the pair rebounded from this level and is currently heading long. We will remain long in this pair as long as it trades above the support level 112.20. Any clear break below 112.06 will push the market to the lower side. This pair should be traded alongside USD/CAD and USD/CHF. These pairs have a strong positive correlation of up to +0.86 and will likely have a similar price action during this intraday. Only buy or sell usd/jpy if the other pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades above 112.20, look for long positions with your targets at 112.58 and 112.89. A clear breakout below 112.06 will push the market further to the lower-side with an ideal target at 111.37.

Graham Osano
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