Elliott waves for Forex correlation analysis – We still expect further momentum to the lowerside

USDJPY – Down Wave Analysis: For the past two weeks, on the weekly chart below, the US Dollar has been making lower lows and will likely trade on the lower ranges during this week. The anticipated downward rally is the continuation of the impulsive wave (c) but should not go beyond 101.303 from where we’ll be looking to go long. This downward rally is highly anticipated since the monthly candle for the previous month is a perfect bearish pin bar and will push the price further to the lower side. USDJPY Weekly Chart This pair should be traded alongside EURJPY, CADJPY and CHFJPY. These pairs will have a similar price action during this intraday. Trade Recommendation: During this month, expect a possible bearish momentum towards 101.303
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