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USDJPY Elliot Waves Analysis For 18 January 2016

USDJPY Elliot Waves Analysis For 18 January 2016 | 18 January 2016

18 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 18 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short, but could not reach the lower green supportive trendline. We expect the current upward movement to be a mere pullback towards 117.45 before we continue short with our targets at 116.15 and 116.00. Traders trading this pair should also take a keen look at other pairs such as GBP/CHF, CAD/CHF, and AUD/JPY. These pairs have a strong positive correlation of up to +0.95 and are thus expected to move in a similar direction. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long but only up to 117.45, then go short with an ultimate target at 116.00

Bob Stan
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