Elliott waves for Forex correlation analysis – Expect a possible bullish price rally

USDJPY – Down Wave Analysis As previously forecasted, the zone 101.92-101.84 acted as a key demand level just the same way it acted as a demand level on 29th August 2016, following the rebound from 101.92, we expect a possible rally to the upper side but should not go beyond 103.34. This view can only be invalidated in case the pair end up breaking below 101.84, if the latter is the case, then we expect an acceleration to the lower side with an ultimate stop at 100.26. the anticipated downward rally should be the continuation of the impulsive wave [c] but should not go beyond 100.26. Trade this pair alongside CAD/JPY, NZD/JPY and EUR/JPY. Trade Recommendations: As long as the level 101.92 protects the lower side, remain long with an ideal target at 103.34. Sell positions are only recommended below 101.84 with an ideal target at 100.26
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