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USDJPY Elliot Waves Analysis For 9 February 2016

USDJPY Elliot Waves Analysis For 9 February 2016 | 09 February 2016

09 February 2016, USD/JPY

USDJPY Elliot Waves Analysis For 9 February 2016
Wave Analysis:
USD/JPY is currently trading with a strong bearish bias. Following the massive downward thrush witnessed yesterday, we are very reluctant to go long, instead, we will hold to short positions with an ultimate target at 109.86. This pair should be traded alongside other positively correlated pairs such as USD/CHF, SGD/JPY, NZD/JPY, and NZD/CHF. These pairs have a strong positive correlation of up to +0.91 and are thus expected to move in the same direction. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:

Remain short but with an ultimate target at 109.86

Bob Stan
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