USD/JPY Elliot Waves Analysis For 12 February 2016
12 February 2016, USD/JPY
USD/JPY is currently trading with a slight bearish bias. During the previous trading day, usd/jpy traded perfectly short and ended up finding at 111.33. The pair is currently making a corrective upward movement towards 113.19, a close above 113.19 would mean we are headed further long towards 114. Thus, we will look to sell from either 113.19 or 114.1 depending on how much bearish the price turns from these levels. This pair should be traded alongside other positively correlated pairs such as USD/CHF, NZD/USD, NZD/JPY, and NZD/CHF. These pairs have a strong positive correlation of up to +0.97 and are thus expected to have a similar price pattern. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Remain long in the meantime, but look for possible sell positions from either 113.19 and 114.1. A close above 114.35 would mean we are headed further long with an ultimate target at 116.46
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