USDJPY Elliot Waves Analysis For 11 March 2016 | 11 March 2016
11 March 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a slight bullish bias. During the previous trading day, usd/jpy rebound from a significant support level 112.60 and is currently trading above a short term resitant level 113.35. As long as the pair trades above this level we will remain long but with our ideal target along the zone 114.42-114.59. Ideally, we anticipate a break above this zone for wave ((c)) to close at 116.754. We will only look to sell incase the price closes successfully below 113.35. This pair should be traded alongside EUR/JPY. These pairs have have strong positive correlation of up to +0.90 and thus expected to have a similar price direction.
Trade Recommendation
As long as the pair trades above 113.35, look for long positions with your target at 114.42. A break above this level will call for further long positions but with the next target at 116.75. In an alternatice case scenario, should the price close below 113.35, then look for short positions but with your ideal target at 111.10
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