manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Log in

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
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .