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USDJPY Elliot Waves Analysis For 2nd December 2015

02 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 2nd December 2015
Wave Analysis:
USD/JPY is currently trading with a bearish bias. Assuming that wave (b) ended at 123.35, wave (c) is currently unfolding towards 121.93. Instead of going short immediately, we are waiting for a minor pullback towards 123.16 before we continue with wave (c). We will therefore sell from 123.16, with our stop at 123.59, and target at 121.93. Traders trading this pair should observe other pairs such as HKD/JPY, GBP/JPY, and CAD/JPY.. Therefore, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for the current upward pull back to reach 123.16, then sell with targets at 121.93.

Graham Osano
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