Elliott waves analysis – Flat

USDJPY – Down

Flat

Wave Analysis:

Still nos significant move has been seen on this pair, the US Dollar is still being contained above 108.50, unless the price clearly breaks below 108.50, I expect a clear rebound from this level to pick a long position with an ideal target at 110.40, a break below 108.50 will culminate into further bearish momentum but should not go beyond 104.00. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY, and CHFJPY. These pairs have a strong positive correlation of up to +52% and will move in the same direction today. Only buy or sell the US Dollar if the other positive correlated pairs are giving the same signal.

Trade Recommendations:

Sell the US dollar below 108.50 with your target at 104.00

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