Elliott waves for Forex correlation analysis – Short towards 112.001

USDJPY - Down Wave Analysis This pair is set to move lower towards the next daily support level seen at 112.001. Yesterday, the price even closed below our anticipated rebound level 113.403 and is still below it, as long as the price remains below this level, we expect a possible bearish price rally towards the daily support level 112.001. The anticipated bearish price rally is a mere correction of the previous five wave cycle but should not go beyond 112.001. A key resistance level can be seen around 114.00, if this level can be broken upwards, then this will be the best place to buy this pair, alternatively, you could wait and buy this pair on a rebound from 112.001, in the meantime, we're short towards 112.001. Expect a similar wave count in CHFJPY, AUDJPY, CADJPY and USDCHF. These pairs have a strong positive correlation of up to +62% and will move in the same direction during this intraday. Trade Recommendations: Expect a possible bearish price rally with your target at 112.001
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