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USDJPY Elliot Waves Analysis For 26 January 2016

26 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 26 January 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded long with wave (a) closing at 118.81, the current downward movement is a continuation of wave (b) towards 117.177. We will therefore remain short only up to 117.17 where we will be looking to buy. This pair should be traded alongside other positively correlated pairs such as SGD/JPY, NZD/USD, NZD/JPY, NZD/CHF and GBP/JPY.These pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price action. Only buy or sell usd/jpyif all the other positively correlated pairs are giving the same signal.

Trade Recommendation.

Remain short with an ultimate target at 117.17

Graham Osano
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