USDJPY Elliot Waves Analysis For 15 April 2016 | 15 April 2016

15 April 2016, USD/JPY

Wave Analysis:

USD/JPY is currently trading with a bullish bias. Yesterday, the pair made a corrective move below the supportive trend line but ended up rebounding from the level 109.10. As long as the price trades above this level we expect an upward rally towards 109.84. A breakout above 109.95 will push the price further to the upper side. This pair is strongly positively correlated to US Dollar index and will likely follow the dollar index. Thus, as long as the dollar index remains bullish, look for long positions in this pair.

Trade Recommendations:

If you are not long already, sit on the sideline and buy above 109.95. In case of a clear rebound from 109.84-109.95, go short with your first target 109.10. A clear breakout below this level will call for further short positions with our next target at 107.91.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus