Elliott waves for Forex correlation analysis – Sell around 111.94

USDJPY – Down Wave Analysis: The corrective wave (b) continues to correct higher but should not go beyond the daily resistance line 111.945. This level acted as our sell place earlier this month and now that the price is approaching it, we’re preparing to short USDJPY for long term towards our previous target at 100.540. Only a clear breakout above this line will call for long positions but until then, we’re reluctant to buy this pair. Either we’re flat, or we’re looking for potential short positions. Expect a similar wave count in CADJPY, AUDJPY and NZDJPY. These pairs will have a similar wave count during this intraday. Trade Recommendations: Sell US Dollar around 111.94 with an ideal target at 100.54.
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