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USDJPY Elliot Waves Analysis For 5 April 2016

USDJPY Elliot Waves Analysis For 5 April 2016 | 05 Abril 2016

05 Abril 2016, USD/JPY

USDJPY Elliot Waves Analysis For 5 April 2016
Wave Analysis:
USD/JPY is currently trading with bearish bias. As long as the pair trades below the daily support 111.05, expect the pair to post further decline in price. We will thus remain short with our target at 110.57. A break below this level will push the price further to the lower side. This pair should be traded alongside USD/CHF and NZD/JPY. These pairs have a strong positive correlation of up to +0.86 and will likely move in a similar direction during this intraday. Only buy or sell usd/jpy if the other pairs are giving the same signal.
Trade Recommendations:

Remain short with your first target at 110.57. A break below this level will call for further short positions.

Bob Stan
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