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USDJPY Elliot Waves Analysis For 23rd November 2015

23 November 2015, USD/JPY

USDJPY Elliot Waves Analysis For 23rd November 2015

Wave Analysis:

USDJPY is currently trading with a bearish bias. Assuming the 5 wave cycle ended with wave (5) at 123.711. We are currently on a corrective 3 wave cycle. We expect wave (a) to end at 122.28, or even lower to 122.02 before we begin wave (b). Wave (b) should target 123.71 or even slightly above. Traders trading this pair should observe other pairs such as HKD/JPY and CAD/JPY for similar price action. These pairs have a very strong positive correlation of upto +0.98, and are thus expected to move in the same direction. Only buy or sell USD/CAD is all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Remain short in this pair but with targets at 122.28, and the next target at 121.53.
Graham Osano
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