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USDJPY Elliot Waves Analysis For 7 January 2016

07 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 7 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy tradad short and ended up finding a support at 117.64. Any clear break below 117.64 will call for further short positions with an ultimate target at a monthly support 116.099. This pair should be traded along side other pairs such as GBP/JPY, EUR/JPY, CHF/JPY, AUD/JPY, and AUD/CAD. These pairs have a strong positive correlation of up to +0.90 and are thus expected to have a similar chart patterns. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for a clear break below 117.64, then go short with targets along 116.099. Otherwise, look for long positions with a target at 118.39

Graham Osano
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