Elliott waves for Forex correlation analysis – Short
USDJPY – Down
The US Dollar continues to rally around the upper resistive trend line and is not showing any signs of rising even higher. As long as the price remains below this trend line, we expect this trend line to have marked the end of this corrective wave (D), that the current bearish price rally is the continuation of the impulsive wave (E) to the lower side but should not go beyond the lower supportive trend line. That said, we’ll looking forward to a massive drop in price towards 107.14 or even lower. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and CHFJPY.
We’re short with an ultimate target at 107.14.
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