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USDJPY Elliot Waves Analysis For 15 January 2016

15 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 15 January 2016
Wave Analysis:
USDJPY is currently trading with a bearish bias. During the previous trading day, usd/jpy could not close below 117.34, we are waiting for a clear break out below 117.14 to go short with targets at 116.69 and 116.00. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, GBP/PLN, GBP/JPY and GBP/CHF. These pairs have a strong positive correlation of up to +0.92 and are thus expected to have a similar price direction. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for a clear break out below 117.14 then go short with your target at 116.69 and 116.00. Otherwise, as long as the pair trades above 117.34, look for long positions with targets at 118.31 and 118.77.

Graham Osano
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