Elliott waves for Forex correlation analysis – Remain long towards 114.04.

USDJPY – Down

Remain long towards 114.04.

Wave Analysis:

Yesterday, after being supported around 108.18-108.66, the US Dollar is making a significant move to the upper side. We went long around 108.66-108.18 and is still holding onto this position. Our expectations is that the US dollar should continue rising to the upper side but should not go beyond 114.04-114.78. As long as the price remains above 108.18, we’re long, but should the price go below 108.18, then we expect a possible bearish price movements and should not go beyond 101.55. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Remain long towards 114.04.

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.