08 April 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bearish bias. Yesterday, the pair traded short and ended up being supported at the level 107.87. Following the massive downward rally witnessed during the previous intraday, we expect the current upward movement to be a mere retracement towards 109.32 but should not go above 108.84. Thus, in the meantime, we remain long but only up to 109.84, however, if the price turn bearish below 109.32, we will begin to execute our sell orders with our target at 107.87. Ideally, we expect the pair to rebound from either 109.32 or 109.84, and continue short to form a double bottom with price at the level 107.87. This pair should be traded alongside EUR/JPY, GBP/JPY, AUD/JPY and EUR/CHF. These pairs have a strong positive correlation of up to +0.85 and will likely have a similar price action during this intraday. Only buy or sell usdjpy if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain long but only up to 109.84. Only sell upon a clear rebound from either 109.32 or 109.84. In case of any rejection from either of this levels, then go short with your target at 107.87. Only remain long if the price ends up breaking above 109.95.
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