USDJPY Elliot Waves Analysis For 28 January 2016

28 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 28 January 2016
Wave Analysis:
USDJPY is currently trading with a bearish bias. During the previous trading, usd.jpy traded long but could not close above 119.07, as long as this level holds the market, we will remain short with our target at 117.17. Otherwise we will be long with our target at 120.64. This pair should be traded along side other pair such as NZD/USD, NZD/JPY, NZD/CHF, and GBP/JPY. The pair have a strong positive correlation of up to +0.93 and are thus expected to have a similar price action. Only buy or sell usd/jpy if all the other other positively correlated pairs are giving the same signal.

Trade Recommendation:

As long as 118.81 holds true as a strong resistant level, remain short with your target at 117.17. Only buy upon a clear break above 119.07

Graham Osano
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