Elliott waves for Forex correlation analysis – Bearish Inside bar followed by a bearish engulfing candle


USDJPY – Down Wave Analysis: Perfectly as previously forecasted, the impulsive wave (c) extended lower and is still pretty much bearish both on the daily and the weekly charts. Although this pair this pair is very bearish, a minor pullback towards 113.13 will the best place to short this pair. In the meantime, we’re waiting for minor pullbacks to the upper side to resell the impulsive wave (c) at a minimal risk with an ideal target at the daily support level 111.13. If this support is broken, then an acceleration towards 104.00 is highly anticipated. Trade this pair alongside Gold, the metal and pair have a strong negative correlation and will move in opposite direction during this intraday. Trade Recommendations: Expect a possible bearish price rally towards 111.13.
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