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USDJPY Elliot Waves Analysis For 26th November 2015

26 November 2015, USD/JPY

Wave Analysis:
USD/JPY is currently trading with a slight bearish bias. We expect the level 122.250 to have marked the end of wave (a), and the beginning of wave (b). Therefore, the current downward movement is merely a minor pull back probably back to 122.42 before we continue with wave (b). Traders trading this pairs should observe other positively correlated pairs such as HKD/JPY, GBP/NZD, and CAD/JPY for similar price movements. These pairs have a strong positive correlation of up to +0.95, and are thus expected to follow a similar price pattern. Therefore, only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Go long from 122.42 with SL at 122.26. Any clear movements below 122.26 will call for short positions with target at 121.33

Graham Osano
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