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USDJPY Elliot Waves Analysis For 2 February 2016

02 February 2016, USD/JPY

USDJPY Elliot Waves Analysis For 2 February 2016

Wave Analysis:

USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded bullish and ended up closing above a key resistive level 120.64. Unless the price can close below 120.18, the level 120.64 is likely constrain the market to ony trade above it. This pair should be traded alongside other positively correlated pairs such as EUR/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.78 and are thus expected to move in a similar direction. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal. Trade Recommendations:

Only sell upon a clear close below 120.18 with your ultimate target at 117.17, Otherwise, you should look for long positions above 120.64 with your target at 121.66

Graham Osano
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