USDJPY Elliot Waves Analysis For 18 January 2016 | 18 January 2016
18 January 2016, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded short, but could not reach the lower green supportive trendline. We expect the current upward movement to be a mere pullback towards 117.45 before we continue short with our targets at 116.15 and 116.00. Traders trading this pair should also take a keen look at other pairs such as GBP/CHF, CAD/CHF, and AUD/JPY. These pairs have a strong positive correlation of up to +0.95 and are thus expected to move in a similar direction. Only buy or sell usd/jpy if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain long but only up to 117.45, then go short with an ultimate target at 116.00
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
