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USDJPY Elliot Waves Analysis For 4 Dec 2015

04 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 4 Dec 2015
Wave View:
USD/JPY is currently trading with a bearish bias. The pair traded short but could not reach our target support 121.93, we still expect further downward movements to this support level during today's trading day. Ideally, wave (c) should close below wave (a) along the support 121.93. This pair is strongly positively correlated to USD/CZK, HKD/JPY, and TRY/JPY and are therefore expected to move in the same direction. Only buy or sell if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with target at 121.93.

Graham Osano
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