30 March 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy broke below the rising channel, headed short and is currently trading along a a very significant support level 112.25. We are waiting for a clear break below 112.20 to continue short with our target at 111.37, a break below 112.24 will call for further short positions with our next ultimate target at 111.10. The latter is highly unlikely since the intraday stochastic is already showing signs of bouncing from its oversold level 20. This pair should be traded alongside USD/CAD, and USD/CHF. These pairs have a strong positive correlation of up to +0.86 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:
In the meantime, sit on the sidelines and wait for a clear break below 112.20 to go short with your target at 111.37, a break below 112.24 will call for further short positions with your next ultimate target at 111.10. A clear rebound from 112.20 will mean looking for long positions with our target at 113.44.
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