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USDJPY Elliot Waves Analysis For 19 April 2016

19 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 19 April 2016

Wave Analysis

USD/JPY is currently trading with bullish bias. Yesterday, the pair gapped down into an objective support level 107.48. The pair then traded long but could not close above 109.11. unless the price close 109.22, expect the pair to rebound from 109.05-109.22 to the lower side. A clear breakout above 109.55 will push the price further to the upper side with our next target at 109.76. this pair should be traded alongside US Dollar Index, and USD/CHF. These pairs have a strong positive correlation of up to +0.94 and will likely move in a similar direction during this intraday.

Trade Recommendations:

Wait for a clear breakout above 109.50 to go long with your a target at 109.76. However, as long as the zone 109.05-109.11 protects the upper side, expect a downward rally towards 107.48.

Graham Osano
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