Elliott waves for Forex correlation analysis – Sell upon a clear rebound around 111.94

USDJPY – Down Wave Analysis: The corrective wave (b) continues to rally to the upper side but is yet to hit perfectly our sell zone 111.94-111.693. We’re waiting for a clear rally towards this zone to short USDJPY at very low risk, as at the moment, we’re not short neither are we long, but we’re waiting patiently for price to hit 111.94-111.69 to sell this pair. From the current chart set up, buying this pair may not be sustainable unless the price gets above 111.945, if this is the case, then an acceleration towards 115.04 is inevitable. Expect a similar wave count in CADJPY, NZDJPY, and CHFJPY, these pairs will have a similar wave count during this intraday. Trade Recommendations: Sell from 111.94-111.69 with an ideal target at 100.54
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