Elliott waves for Forex correlation analysis – Bears looking to restest 112.55

USDJPY – Down Wave Analysis: Instead of going long as previous forecasted, the US Dollar traded on the lower ranges and ended up below a key short term support level 113.71. As long as the pair remains below this support level, we expect further bearish confirmation patterns to push the price to the lower side but should not go beyond 112.55. A clear break below 113.19, and most significantly a break below 113.11 will confirm the continuation of this anticipated bearish price rally. Expect a similar wave count in other positively correlated pairs such as CADJPY, AUDJPY, EURJPY and HKDJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Trade Recommendations: Expect a break below 113.11 to continue short with an ideal target at 112.55.
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