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 on the higher ranges but should not close above the daily resistance line 111.94. Unless this line is clearly broken to the upper side, we choose to remain reluctant to buy this pair, instead, we expect a possible rebound from this resistance line to short this pair towards 100.54. This view can only be invalidated in case the pair breakout above 111.94, if this is the case, then an acceleration to the upper side is likely but should not go beyond 115.05. Expect a similar wave count in CADJPY, AUDJPY and NZDJPY. These pairs will have a similar wave count during this intraday. Trade Recommendations: Expect a possible rebound from 111.94 to go short with an ideal target at 100.54.
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