USDJPY Elliot Waves Analysis For 7 Dec 2015
07 December 2015, USD/JPY
USDJPY is currently trading with a bullish bias. The pair is currently on a rectangular formation, not going below 122.28, and above 123.65. Assuming wave (c) ended at 122.28, and wave (b) ended at 123.65, then the entire corrective 3 wave cycle may be complete. Thus, we are waiting for a break above 122.28, to mark a continuation of the downward trend, or a clear break out above 123.65 to mark the continuation of the upward trend. Traders trading this pair should observe other positively correlated pairs such as NZD/USD, HKD/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.96, and are thus expected to move in a similar direction, only buy or sell USD/JPY is all the positively correlated pairs are giving the same signal.
Wait for a break out either below 122.28, then sell, or above 123.65, then buy.
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