Elliott waves for Forex correlation analysis – Wait

USDJPY – Down Technical Observation: On the 30 minutes chart attached, we’re looking at a possible sell opportunity around 111.09. As long as the just stated level protects the upper side, we expect a possible rebound from it to pick a sell position. Ideally, we expect this level to mark the end of the corrective wave (4) and should be the beginning of the impulsive wave (5). If you’re not short already, you could wait for this rebound the pick a short position with your target at 110.00. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY, HKDJPY and AUDJPY. These pairs have a strong positive correlation and may move in the same direction today. Whne you’ll be looking to sell usdjpy, also look for a sell in all of these. Trade Recommendations: Sell the us Dollar upon a rebound from 111.09
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