USDJPY Elliot Waves Analysis For 11 January 2016

11 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 11 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short and ended up closing below 117.50, following this downward movement, we will continue looking for short positions with targets along 116.00. This pair should be traded alongside other pairs such as SGD/JPY, NZD/JPY, GBP/JPY, and CHF/JPY. These pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar chart pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade recommendations.

Remain short with an ultimate target at 116.00

Graham Osano
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