USDJPY Elliot Waves Analysis For 23 February 2016 | 23 Febrero 2016

23 Febrero 2016, USD/JPY

USDJPY Elliot Waves Analysis For 23 February 2016

Wave Analysis:

USD/JPY is currently trading with a slight bullish bias. We are waiting for a clear breakout above 112.43, to mark the continuation of a bullish trend. Ideally, wave(c) should continue long with an ultimate target at 116.67. In an alternative case scenario, in case the price breaks below the support trend line-forming bottom of the falling channel, then we will look for short positions but only up to 111.30. This pair should be traded alongside other pairs such as HKD/JPY, NZD/JPY, GBP/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.92 and are thus expected to have a similar chart patterns. Only buy or sell usd/jpy , if all the other positively correlated pairs are giving the same signal.

Trade recommendation:

Wait for a clear breakout above 112.41, then buy with your target at 116.67. Only sell upon a clear breakout below the supportive trend line with your target at the support 111.30, a break out below the support level 111.30 will call for further short positions.

Bob Stan
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.