Elliott waves for Forex correlation analysis – We’re flat

USDJPY – Down Wave Analysis: As previously forecasted, the US Dollar rebounded perfectly from the short term support level 115.38 and is currently showing signs of possible momentum to the upper side. As long as the pair remains above 115.34, we choose to hold onto a bullish bias sentiment on this pair. With that said, we expect a possible bullish wave count towards 118.167 or even higher to 121.00, but should not go beyond 124.00. Sell positions may only be reconsidered below 115.13 with an ideal target at 111.76. Trade this pair alongside HKDJPY, NZDJPY, CADJPY and AUDJPY. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday. Trade Recommendations: Remain flat for now but expect a possible bullish wave count towards 118.16 or even higher 124.00 during the course of the day. Short positions are only recommended below 115.13.
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