USDJPY Elliot Waves Analysis For 27th November 2015
27 November 2015, USD/JPY
USD/JPY is currently trading with a slight bearish bias. We expected further movements toward the resistant level 123.61. Ideally, wave (b) should end at 123.61, or slightly above it to 123.75. Traders trading this pair should observe other pairs such as HKD/JPY, GBP/JPY, and EUR/JPY. This pairs have a strong positive correlation of up to +0.95 and are thus expected to move in a similar direction. Therefore, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Remain long with targets at 123.61, and the next target at 123.75
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