04 March 2016, USD/JPY
Wave Analysis:
USDJPY is currently trading with a bearish bias. During the previous trading day, usd/jpy rebounded from 114.28 and is currently retracing towards 112.35. We expect further movements towards this support level 112.35 or even further low to the supportive trend line. In the meantime, we will remain short, and expect a rebound from 112.35 for us to go long with an ideal target at 114.28. A break above 114.66 would mean we are headed further long with the next target at 116.46. This pair should be traded alongside HKD/JPY, GBP/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar chart setups. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
In the meantime, remain short, and expect a rebound from 112.35 for you to go long with an ideal target at 114.28. A break above 114.66 would mean we are headed further long with the next target at 116.46.
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