Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
USDJPY Elliot Waves Analysis For 29 March 2016

USDJPY Elliot Waves Analysis For 29 March 2016 | 29 March 2016

29 March 2016, USD/JPY

USDJPY Elliot Waves Analysis For 29 March 2016

Wave Analysis

USDJPY is currently trading with a bullish bias. For the past week, the pair has been trading within the rising channel, not breaking above or below it. Although we expect to continue long with the upward trend, we are waiting for a break above 113.81 to confirm the anticipated upward rally. A break above this level will push the market to the upper side with wave (5) ending along the upper trend line. Only a clear rebound from this level will invalidate the anticipated upward rally. If the latter is the case, then we will sell the pair with our target at 112.36. This pair should be traded alongside USD/CHF, and USD/CAD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday, only buy or sell usd/jpy if the other pairs are giving the same signal.

Trade Recommendations.
Expect an upward rally during this intraday. Wait for a clear close above 113.81, then buy the pair with your targets along the upper trend line. A clear rebound from 113.81 will call for short positions with a target at 112.36
Bob Stan
Agree with the review?
Traders' opinion:
Close
Login

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.