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USDJPY Elliot Waves Analysis For 18 April 2016

18 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 18 April 2016

Wave Analysis:

USDJPYis currently trading with a bearish bias. During the previous trading on 15th April 2016, the pair rebounded from the resistance level 109.78 and is currently headed short. During this intraday, a key support level is seen at 107.92. A break below this support will push the price further to the lower side. This pair should be traded alongside US Dollar index, GBP/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.83 and will likely head in the same direction during this intraday. Only buy or sell the pair is the other pairs and Dollar index are giving the same signal.
Trade Recommendations:
Remain short but only up to 107.92. A break below this level will push the price further to the lower side with your next target at 105.17. Only buy if the price ends up closing above 109.80
Graham Osano
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