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USD/JPY Elliot Waves Analysis For 4 February 2016

04 February 2016, USD/JPY

USD/JPY Elliot Waves Analysis For 4 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 and even crossed and closed below our daily support level of 118.40. We are waiting for minor pullbacks towards 118.40 for us to continue short but with our targets at 117.05 and 116.14. usd/jpypair should be traded alongside EUR/USD. These pairs have a strong inverse correlation of up to -0.98 and are thus expected to move in an exact opposite scenario. Only buy or sell usd/jpy if Euro is giving an exact opposite signal.

Trade Recommendation:

Wait for minor pullbacks towards 118.40, then sell with your targets at 117.05 and 116.14. Only buy in case the pullback goes above 118.54

Graham Osano
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