06 May 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bullish bias. For the past two days, the pair have been making higher lows, but not closing below the red trend line forming bottom of the triangle. As long as the pair trades within this triangle, we sit on the sidelines and wait for a clear breakout either above the triangle to go long, or below the triangle to go short. This pair should be traded alongside USD/CHF, USD/CAD, EUR/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +0.91 and will likely have a similar price action during this trading day. Only buy or sell usd/jpy if the other pairs are giving the same signal.
Trade Recommendations:
As long as the pair trades within the triangle remain flat and wait for a breakout above the triangle to go long with your targets at 107.80 and 109.10. A clear breakout below the red trend line will call for sell orders with you target at 109.23. A breakout below 106.23 will push the price further to the lower side with the next target at 105.55
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