USDJPY Elliot Waves Analysis For 21 March 2016 | 21 مارس 2016
21 مارس 2016, USD/JPY
Wave Analysis:
USDJPY is currently trading with a slight bullish bias. We expect a break either above the rising wedge for us to go long with our targets at 112.61 and 114.09 or a break below the green trendline forming bottom of the falling wedge for us to go short with our target at 110.64. A break below 110.64 will mean we are headed further short with our target at 109.81. In another view, traders should be cautious about the level 111.68. This level is a significant level and can act as a short term supply level, thus look for possible reversals from this level and also from the level 112.06. This pair should be traded alongside NZD/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a break either above the rising wedge for you to go long with your targets at 112.61 and 114.09 or a break below the wedge to go short with your target at 110.64. A break below 110.64 will mean looking for further short positions with with your target at 109.81.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
