Elliott waves for Forex correlation analysis – Bulls still in full contol

USDJPY – Down Wave Analysis: Yesterday, the pair traded rose relentlessly and is still pretty much bullish on both the daily and weekly charts. As previously forecasted, we still expect further bullish wave count towards 113.88 and possibly higher. The current chart set up shows clear signs of bullish dominance, thus, executing or holding onto sell orders in this pair could be disastrous in the long run, instead, we’re only interested in hunting for buy signals. A key support level can seen at 110.40, and 106.08 while key resistance levels can be seen at 116.97 and 121.33. Expect an exact similar wave count in USD/CHF, EUR/JPY and USD/CAD. These pairs will have a similar price action during this intraday. Trade Recommendations: Remain long with the first target at 116.97 and the next target at 121.33.
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