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USDJPY Elliot Waves Analysis For 8 Dec 2015

08 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 8 Dec 2015
Wave analysis:
USD/JPY is currently trading with a bearish bias. The pair continues to trade within the rectangular formation it began the previous week. We are waiting for a cross above 123.78, for buy positions or a close below 122.30 for sell positions. Traders trading this pair should observe closely other pairs such as HKD/JPY, for similar price movements and EUR/GBP for exact opposite price action. Only buy or sell USD/JPY if HKD/JPY is giving the same signal and EUR/GBP is giving an exact opposite signal.

Trade Recommendation:

Buy above 123.78 with target at 124.21, and the next target at 125.61. And sell below 122.30 with targets at 121.70, and the next target at 121.45.

Graham Osano
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