12 April 2016, USD/JPY
Wave Analysis
USD/JPY is currently trading with a bullish bias. Yesterday, the pair tested the support level 107.89 but could not go below it. During this intraday, key resistance levels are seen at 109.10, 109.64 and a key support at 107.87. As long as the support level 107.87 shields the lower side, we will look for long positions with our target at at 109.10. A break above this level will push the price to the lower side with our next target at 109.84. In an alternative case scenario, should the price breakout below 107.64, then sell positions will be ideal for trading. This pair should be traded alongside GBP/JPY, GBP/CHF and AUD/JPY. These pairs have a strong positive correlation of up to +0.98 and will likely move in a similar price action during this week. Only buy or sell usd/jpy if the other pairs are giving the same signal.
Trade Recommendations:
As long as the support level 107.87 shields the lower side, look for long positions with your target at at 109.10. A break above this level will push the price to the lower side with a next target at 109.84. Only sell if the price breakout below 107.64.
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