USDJPY Elliot Waves Analysis For 8 Dec 2015
08 December 2015, USD/JPY
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.
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.
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