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USDJPY Elliot Waves Analysis For 5 February 2016

05 February 2016, USD/JPY

USDJPY Elliot Waves Analysis For 5 February 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded perfectly short and even closed below 117.17, following this downward movement, we are very reluctant to execute buy positions, instead, we will remain short with our target at 115.9. This pair should be traded alongside EUR/USD, these pairs have a very strong inverse correlation of up to -0.95 and are thus expected to move in an exact opposite direction. Only buy or sell usd/jpy if EUR/USD is giving an exact opposite signal.

Trade Recommendation.

Remain short but with your target at 115.9

Graham Osano
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