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USDJPY Elliot Waves Analysis For 23 March 2016

USDJPY Elliot Waves Analysis For 23 March 2016 | 23 March 2016

23 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 23 March 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. The pair continues to trade within the rising triangle but will likely break out of it during this intraday, if the price clearly break above the Triangle, then we will wait for price to retrace back to the just broken level for us to buy with our target at 113.44. If the price breakout below the triangle, then we will be keen to look for short positions with our target at 110.71. Ideally, a break below the triangle will push the price lower to form a double bottom with the level 110.71. This pair should be traded alongside NZD/JPY, and EUR/JPY. These pairs have a strong positive correlation of up to +0.85 and will likely have a similar chart set up during this intraday.

Trade Recommendations:
If the price break above the triangle, wait for price to retrace back to the just broken level to go long with your target at 113.44. If the price breakout below the triangle, then to look for short positions with your target at 110.71.
Bob Stan
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