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Guest Commentary: USD/JPY Long Powered by Elliott Wave and Equities

Guest Commentary: USD/JPY Long Powered by Elliott Wave and Equities

Todd Gordon, Technical Strategist

It’s no secret that USDJPY trades largely in lockstep with both the S&P 500 and US bond markets. Now, with the S&P 500 at new all-time highs and US bond markets heading south, USDJPY is poised to move higher as well.

Using Elliott wave and Fibonacci analysis, we take a look at a trade signal that just fired off in USDJPY and how exactly to handle the trade as price closes in on formidable daily resistance.

Potential Long Set-up in USD/JPY

Trade: Buy USDJPY at 103.80

Stop Loss: Place stop at 103.55

Price Targets: Remove half the position at 104.20 and let the remaining position run, targeting 104.40

Trade Management: Move the stop to breakeven if price reaches 104.00

By Todd Gordon, founder, TradingAnalysis.com

Receive three free months of premium trade signals and analysis by visiting TradingAnalysis.com.

Disclaimer: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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