USDJPY Elliot Waves Analysis For 26 February 2016 | 26 February 2016

Wave Analysis:

USDJPY is currently trading with a bullish bias. We are waiting for a clear breakout above the immediate resistive trend line for us to continue long with wave (c) with an ultimate target at 116.67. However, expect a minor pullback from this trend line towards 112.39 to confirm the anticipated movements on the upperside. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, GBP/JPY and GBP/CHF. These pairs have a strong positive correlation of up +0.94 and are thus expected to have a similar chart structure and price pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for a minor pullbacks towards 112.39 then buy the pair with your ideal target at 116.67