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USDJPY Elliot Waves Analysis For 14 April 2016

14 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 14 April 2016

Wave Analysis:

USDJPY is currently trading with a bullish bias. Yesterday, while the US Dollar Index was accelerating upwards, usd/jpy followed it and is still pretty much bullish. As long as the pair trades above the ascending trend line forming bottom of the rising channel, we expect an upward acceleration in this pair. We will thus remain long with our target at 109.84. A clear breakout above 109.95 will push the price further to the upper side. This pair should be traded alongside USD/CHF, EUR/CHF and US Dollar Index. These items have a very strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.

Trade Recommendations:

As long as the US dollar index remains bullish, remain long in usdjpy with your target at 109.95.

Graham Osano
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