Log in

USDJPY Elliot Waves Analysis For 11 April 2016

11 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 11 April 2016
Wave Analysis:
USDJPY is currently trading with bearish bias. During the previous trading day, the pair retraced to the upper side but ended up rebounding from the level 109.06. We expect the current downward rally to be a continuation of the overall bearish trend with our ultimate target at 107.64. A break below this target will push the pair further to the lower side. However, as long as the level 107.98 protects the lower side, we will be keen to look for possible rebound from 107.79 to go long. This pair should be traded alongside AUD/JPY, EUR/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +1 and will likely move in a similar direction during this intraday.

Trade Recommendations:

Remain short but only up to 107.64, a break below this level will call for further short positions with next ideal target at 105.47.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.