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Elliott waves for Forex correlation analysis – We’re short

USDJPY – Down

Wave Analysis

Ninja has been trading within a channel for months. In the previous intraday, this pair faced a rejection from the upper trend line of this channel. We expect this rejection to have marked the end of the corrective wave (D) and the beginning of the impulsive wave (E) towards the lower side of the channel. The impulsive wave (E) is expected to extend downwards towards 106.09.Look for a short position with your take profit at 106.09. A break above the upper trend line of this channel could invalidate the anticipated bearish rally. Trade this pair alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs will move in the same direction during this intraday since these pairs have a strong positive correlation of up to +71%.

Trade recommendation

Short this pair with your target at 106.09.

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