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USDJPY Elliot Waves Analysis For 1st December 2015

01 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 1st December 2015
Wave Analysis:
USD/JPY is currently trading with a bearish bias. The pair traded long as previously forecasted but could not close above a key resistant level 123.36. Assuming wave (b) ended at 123.36, wave (c) is already unfolding towards our target 121.91. Therefore, we remain short as long as the pair trades above 122.24, should the price move up above 123.36, then wave (b) could be headed further to 123.75. This pair is positively correlated to TRY/JPY, HKD/JPY, and GBP/JPY, therefore, only buy or sell USDJPY if all the other positively correlated pairs are giving similar signals.

Trade Recommendations:

Remain short with targets at 121.91.

Graham Osano
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