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USDJPY Elliot Waves Analysis For 27 April 2016

27 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 27 April 2016

Wave Analysis:

USD/JPY is currently trading with Bearish Bias. Yesterday, the pair traded short and even tested the key support level 110.63, but ended up closing above its opening price at 111.30. The previous day's candle is almost an indecision candle, meaning, there is still no clear direction. A clear breakout below 110.63 will push the price to the lower side while a clear breakout above 111.48 may push the price further to the upper side. This pair should be traded alongside GBP/JPY, GBP/CHF, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.85 and will likely have a similar price action during this intraday. Only buy or sell usd/jpy if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Conservative traders should wait for a clear breakout above 111.48 to go long with a target at 111.88. Alternatively, as long as the price remains bearish, remain short with your target at 110.63. A clear breakout below this level will push the price further to the lower side.

Graham Osano
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