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USDJPY Elliot Waves Analysis For 24th November 2015

24 November 2015, USD/JPY

USDJPY Elliot Waves Analysis For 24th November 2015
Wave Analysis:
USD/JPY is currently trading with bearish Bias. the pair bounced off from the green trend line and is currently headed short as previously forecasted. We expect this downward movement to be the beginning of a three wave cycle with wave (a) ending at 122.002, or even lower to 121.73. Ultimately, sellers should have targets at 122.002 and 121.48. This pair is strongly positively correlated to USD/CAD, GBP/NZD, and CHF/JPY. Thus they are expected to move in a similar direction. Therefore, only buy or sell the pair if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

If your haven't sold the pair already, wait for a minor upward pull back to 122.92, then sell with targets at 122.002, or even lower to 121.73

Graham Osano
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