We present the first all-optical nonlinear joint transform correlator based on a square-law receiver in the Fourier plane. Our device uses a photorefractive limiting quadratic processor. The compressional nonlinearity associated with the transfer function of the limiting quadratic processor enables the correlator to detect signals embedded in Gaussian and non-Gaussian noise. In the limiting region this device correlates the phase-only information of the input. This is the first time to our knowledge that photorefractives or real-time holography has been used in the correlation of the phase-only information. We demonstrate the operation of this device experimentally, and we evaluate its performance throughcomputer simulation for various forms of noise.