USDJPY Technical Analysis For 16th November 2015
16 November 2015, USD/JPY
USDJPY is currently trading with a very slight bearish bias. Assuming the level 122.44 to be the end of the corrective wave (4), we expect an upward movements to complete the five wave cycle with wave (5) ending at along the upper resistive trend line at 124.62 Traders trading this pair should also observe other positively correlated pairs such as HKDJPY, CHF/JPY and EUR/HUF. This pairs have a strong positive correlation of up to +0.89, and are thus expected to have similar price patterns. Only by or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Go long along the support trend line at 122.46 with your SL at 122.30. Your targets fo this long positions should be along the upper resistant trend line, at 122.62. This view can only be challenged should the price end up closing below 122.25
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