Elliott waves for Forex correlation analysis – USDJPY Elliot Waves Analysis For 25 August 2016

USDJPY – Down Wave Analysis USD/JPY is currently trading with a neutral bias to either sides of the market. This pair continues to consolidate below a key zone 100.73-100.92, unless there is a clear breakout above 100.91, expect a possible rebound from this zone to go short with an ideal target at 99.03. A clear breakout above 100.91 will lead to a possible bullish price rally towards 102.44 or even higher. This pair should be traded alongside NZD/JPY, GBP/JPY, CAD/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action during this intraday. Trade Recommendations: Remain flat for now but expect a possible rebound from 100.73 to go short with an ideal target at 99.03.
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