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USDJPY Elliot Waves Analysis For 3 February 2016

03 February 2016, USD/JPY

USDJPY Elliot Waves Analysis For 3 February 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded perfectly short as previously forecasted but is yet to reach our target of 118.8. We will hold on to short positions with our targets at 118.8 and 117.17. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, HKD/JPY, SGD/JPY and GBP/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:

Remain short but with your targets at 118.8 and 117.17

Graham Osano
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