Elliott waves for Forex correlation analysis – Bulls still dominating

USDJPY – Down Wave Analysis: As anticipated, the US Dollar continues to rise incessantly despite our expectation to slow down in momentum. The current chart set up and structure shows signs of clear bullish dominance, selling this pair or holding onto sell orders is still very risk and could be futile in the long run. Instead, we choose to remain long and expect a possible bullish wave count 121.33 and possibly higher. Of cause we expect minor bearish pullbacks towards 112.44 to give us low risk buy opportunities. Expect a similar wave count in USD/CHF, USD/CAD, EUR/JPY and an exact opposite wave count in EUR/USD and NZD/USD. Trade Recommendations: Remain long with an ideal target at 121.33
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