Elliott waves for Forex correlation analysis – Buy above 103.27

USDJPY – Down Wave Analysis Yesterday, the pair traded long as previously forecasted and even hit our target resistance level at 103.27. This pair is still pretty much bullish according to the previous day’s candle and will likely head further to the upper side. A clear breakout above 103.27 will culminate into an extended wave 3 but should not go beyond 104.38. This upward rally is highly anticipated since the other positively correlated pair, CAD/JPY, is Bullish. From the CAD/JPY Chart below, we expect an upward rally in both pairs: Trade Recommendations: Wait for a clear breakout above 103.27 in usdjpy, then go long in both pairs, usd/jpy and cad/jpy, with targets at 104.38 and 79.21 respectively.
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