Elliott waves for Forex correlation analysis – Rebuy US Dollar around 108.06

USDJPY – Down

Rebuy US Dollar around 108.06

Wave Analysis:

Still nothing significant has changed on this pair. The Us Dollar is still rallying around a key weekly support zone 108.66-108.18. As long as this zone protects the lower side, we expect a possible rebound to long this pair with an ultimate target at 114.78, in case the price clearly breaks below 108.18, then we expect a possible bearish price rally towards 101.00 or even lower. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today. Only buy or sell the US dollar if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Rebuy US Dollar around 108.06 with your target at 114.78

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