USDJPY Elliot Waves Analysis For 12 January 2016 | 12 January 2016

USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short and even hit the lower supportive green trendline. The current downward movement is likely to continue short with an ultimate target at 116.69, or even further low to 116.00. In case the price turn bullish at a minor support 117.30, then we will look for long positions with a target at 116.83. This pair should be traded alongside other pairs such as NZD/USD, and GBP/USD. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar chart pattern. Only buy or sell usd/jpy if all the other positively correlated pair are giving the same signal.