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USDJPY Elliot Waves Analysis For 1 April 2016

01 April 2016, USD/JPY

Wave Analysis

USD/JPY is curenty trading with a bullish bias. During the previous trading day, usd/jpy traded short and ended up forming a double bottom at the support level 112.06. Unless the the price below 112.00, we will be keen to hunt for long positions with our ultimate target at 112.58. A clear breakout below 112.00 will mean looking for short positions with our ultimate target at 111.01. This pair should be traded alongside EUR/CAD, CHF/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.88 and will likely move in a similar direction 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 112.06, look for long positions with your targets at 112.58 and 113.32. A clear breakout below 112.00 will call for short positions with an ultimate target at 1110.01.

Graham Osano
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