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USDJPY Technical Analysis For 18th November 2015

18 November 2015, USD/JPY

USDJPY Technical Analysis For 18th November 2015
Wave Analysis:
USDJPY is currently trading with a bullish bias. The pair wave (5) went long as previously forecasted but could not close above wave (4). We are waiting for a very minor corrective move towards 123.13 before we continue long with wave (5). Traders trading this pair should observe other pairs such as HKD/JPY, GBP/JPY and CAD/JPY. Therefore, only buy or sell USDJPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

If you haven't bought the pair already, wait for a minor pullback to 123.13, or even to the red trend line, then go long with targets at 124.56, and the next at 125.25

Graham Osano
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