Elliott waves for Forex correlation analysis – US Dollar Oversold

USDJPY – Down Wave Analysis: Perfectly as previously forecasted, the impulsive wave (c) extended lower even during the previous trading day but could not close below the daily support level 112.003. We anticipate a possible rebound from this level to long this pair with an ideal target at 114.999. This upward rally is highly anticipated since the intraday stochastic is below it’s oversold level of 20 and should pullback upwards during this intraday. If a buy signal can be seen around 112.003, this this will be the best place to long this pair. This view can only be invalidated in case the price clearly breakout below 111.787, if this should be the case, then an acceleration to the lower side is inevitable. Expect an exact opposite price rally in EURUSD and GBPUSD. These pairs have a strong negative correlation of up to -75% and will have an opposite price action during this intraday. Trade Recommendations: Buy this pair around 112.003 with an ideal target at 114.999.
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