USDJPY Elliot Waves Analysis For 28 March 2016 | 28 March 2016
28 March 2016, USD/JPY
Wave Analysis:
USDJPY is currently trading with bearish bias. Following the rebound from the upper resistive red trend line, we expect to continue short with our target along the lower supportive trend line. We will thus remain short as long as the pair trades within the rising channel. A clear break above this channel will call for long positions, while a break below this channel will call for short positions with our target 113.21. A break below this target will push the market lower to 112.89. 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.
Trade recommendations:
Remain short with your target at 113.21. A break below this level will mean looking for further short positions with our next target at 112.89
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