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USDJPY Elliot Waves Analysis For 6 April 2016

06 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 6 April 2016

Wave Analysis:

USDJPY is currently trading with a bearish bias. We expect the level 110.51 to have marked the end of wave (4), that the current downward rally is the unfolding of wave (5) with a target below 109.8. In the meantime, we remain short but only up to 109.8, a clear break below this support level will push the price further to the lower side with an ultimate target at 105.39. This pair should be traded alongside GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.90 and will likely have a similar price action during this intraday. Only buy or sell usd/jpy is giving the same signal as others.

Trade Recommendations:
Remain short with your ideal target at 109.8. A break below this level will push the price further to the lower side. Only buy if the pair break above the descending trendline and above 110.53
Graham Osano
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