Elliott waves for Forex correlation analysis – Expect a second retest of 111.94

USDJPY – Down Wave Analysis: Instead of going short as previously forecasted, the pair traded slightly to the lower side but could not go beyond 110.64. This pair is still bearish as long as it remains below 110.64, the upward rally that began the last two trading days is a mere correction and should not go beyond 111.94 from where we’ll be looking to short the US Dollar at low risk. Ideally, we expect a possible rebound from 110.94 to sell this pair. This view can only be invalidated in case the price end up above 111.94, if this is the case, then an accelaration to the upperside is inevitable. USDJPY Daily Chart This pair should be traded alongside CADJPY, NZDJPY, EURJPY, and CHFJPY. This pairs will have a similar price action during this intraday. Trade Recommendations: If you’re not short already, wait and sell around 111.94 Save
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