Elliott waves for Forex correlation analysis – Resell the US Dollar around 110.39

USDJPY – Down

Resell the US Dollar around 110.39

Wave Analysis:

Yesterday, US dollar went lower than expected and even broke below the 4 hour support level 110.39, as long as the price stays below this level, we expect the impulsive wave (5) to extend massively to the lower side but should not go beyond 105.00 during this intraday, In the meantime, instead of going short immediately, we’re waiting for a correction towards 110.39 to resell this pair at the least risk possible. This view will only be rendered futile in case the price end up breaking above 110.39, if this is the case, then we expect a rally towards 112.40. 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 Recommendations:

Resell the US Dollar around 110.39 towards 105.00

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