USD/JPY Elliot Waves Analysis For 19 January 2016

19 January 2016, USD/JPY

USD/JPY Elliot Waves Analysis For 19 January 2016
Wave Analysis:
USDJPY is currently trading with a bullish bias. During the previous trading day, the pair gapped down on the 4H chart and is currently trading bullish. The current upward thrush will likely continue with an ultimate target at 118.39, a close above 118.68 would mean we are headed further long with our target at 120.64. In case of a rejection at, 118.39, then sell the pair with an ultimate target at 116.00 Traders trading this pair should observe closely other pairs such as NZD/JPY, SGD/CHF, and CAD/CHF. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar chart pattern. Only buy or sell Euro if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

Conservative traders should wait and sell from 118.39, with a target at 116.00 and buy above 118.68 with a target at120.64

Graham Osano
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