Elliott waves for Forex correlation analysis – USDJPY still to gain more grounds

USDJPY – Down Wave Analysis Yesterday, the pair broke perfectly above the contracting triangular pattern and is still pretty much bullish. We wait for minor corrections of the just witnessed impulsive rally to give us low risk buy opportunities with an ideal target at $103.74. Expect a similar corrective wave in other positively correlated pairs such as NZD/JPY and CAD/JPY, once the corrective wave is done in USD/JPY, go long in all the other pairs with targets at $74.32 and $99.19 respectively. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday. Trade Recommendations: Wait for minor correction to the lower side to go long with an ideal target at $103.74.
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