USDJPY Elliot Waves Analysis For 29 January 2016

29 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 29 January 2016
Wave Analysis:
USD/JPY is currently trading with a bullish bias. During the previous trading day, usd/jpy crossed above a key resistant level 118.81, unless the price closes below 118.54, we will likely be headed long with our ultimate target at 121.40. Otherwise, we will be short below 118.54 with targets at 116.00. This pair should be traded alongside other pairs such as SGD/JPY, NZD/JPY, GBP/SGD, GBP/JPY, GBP/CHF and EUR/JPY. These pairs 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 positively correlated pairs are giving the same signal.

Trade Recommendation:

Sell below 118.54 with your target at 116.00. Otherwise if the level 118.81 can support the market, then we will be headed long with our target at 121.40

Graham Osano
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