Elliott waves for Forex correlation analysis – Buy now

USDJPY – Down

Buy now

Wave Analysis:

USDJPY is currently bouncing off from a key weekly support level 108.18. As long as this level is not violated to the lower side with a big candle, we expect a possible rebound from it to pick a long position with an ultimate target at 114.04. A clear break below will likely culminate into a possible bearish price rally towards 102.065 or even lower. But, according to the weekly chart above, a rebound from 108.18 is expect long this pair. Another good buy position can seen above 114.78. This pair should be traded alongside CADJPY, CHFJPY, and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Expect a possible rebound from 108.66 to buy this pair towards 114.78

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