USDJPY Elliot Waves Analysis For 26th November 2015
26 November 2015, USD/JPY
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.
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
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