USDJPY Elliot Waves Analysis For 6 January 2016

06 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 6 January 2016
Wave Analysis:
USD/JPY is currently trading with slight bearish bias. Wave (c) went much lower and ended up closing below 118.88, it may continue short probably up to 118..08 before we will look for long positions with targets above 120.10. Technically, wave (c) should originate from 118.08, and head upwards towards 120.10. USD/JPY should be traded alongside other positively correlated pairs such as NZD/CAD, NZD/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.91 and are thus expected to have a similar price action. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Buy from 118.08, with targets above 120.10. Any clear movements below 118.030 will call for further short positions

Graham Osano
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