USDJPY Elliot Waves Analysis For 1 February 2016
01 February 2016, USD/JPY
USD/JPY is currently trading with a slight bearish bias. Wave (c) went abit higher and even hit the level 121.67 but ended up closing below 121.40. Unless the price close above 121.67, we may be headed short probably up to 120.15 or even lower to 119.14. We will only buy upon a clear break above 121.67 with our target 122.28 and 123.65.This pair should be traded alongside other pairs such as SGD/CHF,GBP/USD, GBP/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.89 and are thus expected to move in a price action. Only buy or sell pound if all the other positively correlated a pairs are giving the same signal.
Buy above 121.67 with your target at 122.28 and 123.65. In an alternative case scenario, a break below 120.16 would mean selling usdjpy with your targets at 119.14 and 116.00
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