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USDJPY Elliot Waves Analysis For 14 January 2016

14 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 14 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy found resistance at 118.3, headed short and is currently trading just above a daily support of 117.34. We are waiting for a close below 117.14 to continue short with an ultimate target of 116.00. However, as along as 117.34 holds true as a strong support, we will be looking for a possible reversal at this level. This pair should be traded alongside other pairs such as NZD/CHF, NZD/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.96 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 Recommendations:

Remain short with a target 117.34. A close below 117.14 will mean we are headed further short with an ultimate target at 116.0. Otherwise, we will be long as along as the pair trades above 117.34

Graham Osano
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