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USDJPY Elliot Waves Analysis For 11 February 2016

11 February 2016, USD/JPY

USDJPY Elliot Waves Analysis For 11 February 2016
Wave Analysis:
USD/JPY is current trading with a strong bearish bias. During the previous trading day, usd/jpy broke below a very significant support level 114.18 and is still pretty much bearish. Nonetheless, we are waiting for a clear break below 111.86 to mark the continuation of the downward trend. The anticipated move to the lower side should have an ultimate target at 110.45. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, GBP/JPY and USD/CHF . These pairs have a strong positive correlation of up to +0.89 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:

If you haven't gone short already, wait for a close below 111.86, then sell with your target at 110.45.

Graham Osano
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