USDJPY Elliot Waves Analysis For 10 February 2016 | 10 فبراير 2016

USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short and is still pretty much bearish. Following the massive sell witnessed during the past few days, we will still hold on to short positions but only up to 114.67. A clear close below 114.18 would mean we will be headed further short with an ultimate target at 112.38. This pair should be traded alongside other positively correlated pairs such as USD/CHF, SGD/CHF, NZD/JPY, GBP/JPY and GBP/CHF. These pairs have a strong a positive correlation of up to +0.91 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.