Elliott waves for Forex correlation analysis – Looking for a buy

USDJPY – Down

Looking for a buy

Wave Analysis:

The US dollar is currently rallying around a key weekly support zone 108.66-108.18. As long as this support protects the lower side, we expect a possible rebound from it to pick a long position with an ultimate target set at 114.05. We expect the US dollar to trade within the equilibrium zone 114.04-108.66, any break out of this range may call for a break out trading, depending on the direction of breakout. But according to the weekly chart above, we’re waiting for a clear buy signal to buy this pair towards 114.05. This pair should be trade be traded alongside HKDJPY, CHFJPY, and AUDJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

Look for a possible buy position now with your target at 114.04

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