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USDJPY Elliot Waves Analysis For 21 April 2016

21 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 21 April 2016
Wave Analysis:
USDJPY is currently trading with a bullish Bias. Yesterday, the pair traded long and even broke above a key resistance level 109.53, during this intraday,. we expect minor retracements towards this level to go long with an ultimate target at 111.98. However, if the anticipated retracement go below 109.53, then we expect a downward rally towards 107.89. This pair should be traded alongside USD/CHF, GBP/JPY, EUR/JPY, GBP/CHF and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendation:

Wait for the current downward rally to end along 109.61, then buy the pair with your target at 111.98. Only sell upon a clear breakout below 109.53

Graham Osano
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