USD/JPY Elliot Waves Analysis For 27 January 2016 | 27 January 2016

27 January 2016, USD/JPY

USD/JPY Elliot Waves Analysis For 27 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, the price pulled back towards 118.57 and is currently trading short. We expect wave (b) to remain short with an ultimate target at 117.17, where we will be looking to buy. This pair should be traded alongside other pairs such as NZD/JPY, NZD/USD, GBP/USD, GBP/JPY and GBP/CHF. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain short but only up to 117.17. Buy from 117.17 to 120.68

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in
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 .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus