manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

USDJPY Elliot Waves Analysis For 25 January 2016

25 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 25 January 2016
Wave Analysis:
USD/JPY is currently trading with a slight bearish bias. During the previous trading week, usd/jpy traded perfectly long and ended up finding a resistant along the upper trendline forming top of the rising channel. We anticipate that the current downward movements is the unfolding of wave (4) towards 118.08 or even further lower. Thus, we will look to buy from 118.08 with our ultimate target at 119.60. This pair should be traded alongside other pairs such as USD/DKK, USD/CHF, NZD/JPY, NZD/CHF, CAD/JPY and AUD/CHF. These pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price pattern. Only buy or sell usd/jpy if all the other positive correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with your target at 118.08, or even lower at 117.92.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .