USDJPY – Down
As previously forecasted the impulsive wave 5 traded long as previously forecasted and is still pretty much bullish. We expect to continue long to the upper side with this motive wave 5 but should not go beyond 107.37. In the meantime, we expect corrections to the lower side to give us low risk buy opportunities. While trading this pair, expect a similar impulsive move in other positively correlated pairs such as NZD/JPY and CAD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have similar price action during this intraday.
Trade Recommendations:
Wait for corrections to the lower side then buy this pair to go long with an ideal target at 105.68 and the next target at 107.37.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
The post Elliott waves for Forex correlation analysis – Buy USD/JPY alongside NZD/JPY appeared first on forex-analytics.press.
