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USDJPY Elliot Waves Analysis For 4 April 2016

04 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 4 April 2016

Wave Analysis:

USDJPY is currently trading with a bearish bias. The pair broke below the support level 112.00 and is still pretty much bearish. Although we anticipate further downward rally towards 111.24, we will only sell the pair upon a clear retracement towards 111.80. If the retracement goes above 111.80, then we will be looking for a possible rebound from 112.00 to go short with our target at 111.2. We will only hold to long positions if the retracement goes above 112.06. The long position should have an ultimate target at 112.77. This pair should be traded alongside USD/CAD and USD/CHF. This pairs have a strong positive correlation of up to +0.85 and will likely move in a similar direction during this intraday. Only buy or sell the usd/jpy if the other positively correlated pairs are giving the same signal.

Trade Recommendations:
Wait for minor retracements towards 111.80 or even further to 112.0 to go short with an ideal target at 111.2. Only hold on to long positions if the retracement goes above 112.00
Graham Osano
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