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USDJPY Elliot Waves Analysis For 7 April 2016

07 April 2016, USD/JPY

Wave Analysis:

USD/JPY is currently trading with a bearish bias. Yesterday, the pair traded massively short but could not rebound clearly from the lower supportive trend line. During this intraday, we still anticipate further downward rally towards 105.39. We will thus remain short as long as the pair trades below 109.88, only a clear breakout above 109.95 may invalidate the anticipated downward rally. The downward rally is highly anticipated since the other positively correlated pairs such as GBP/JPY, USD/CAD and USD/CHF are pretty much bearish. Meaning, as long as these pairs remain bearish, we will be short in usd/jpy.

Trade Recommendations:

Remain short with your ultimate target at 105.39. Only but if the price closes clearly above 109.95.

Graham Osano
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