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Elliott waves for Forex correlation analysis – Short

USDJPY – Down

Short

Wave analysis

In the previous intraday, bulls pushed price above the channel which the USDJPY has been trading within but bears showed up and pushed it back within this channel. This pair is still bearish and we expect the bears to push the impulsive wave (E) downwards towards the lower trend line of this channel. If you did not sell along the trend line, look for a short position with your target at 106.09.This expected bearish price rally is valid as long as price is within this channel. If price gaps or breaks above the upper trend line of this channel, this trade may be invalidated. Trade this pair alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation of upto +71% and will move in the same direction during this intraday.

Trade recommendation.

Sell this pair towards 106.09.

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