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USDJPY Elliot Waves Analysis For 21 January 2016

21 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 21 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short and found a support at 115.93. We are waiting for a clear close below 117.18 for us to continue short with our target at 115.93, a close below this level will mean we are headed further short to 114.63. This pair should be trade alongside other positively correlated pairs such as AUD/USD, GBP/JPY, EUR/JPY, CHF/JPY and CAD/JPY.. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendation.

Wait for a clear close below 117.18 then go short with an ultimate target at 114.63.

Graham Osano
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