USDJPY Elliot Waves Analysis For 9 Dec 2015

09 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 9 Dec 2015
Wave analysis:
USD/JPY is currently trading with a bearish bias. The pair continues to trade within the range 122.48 and 123.65, despite pound going below 1.5029. We are looking for potential buy positions along 122.48, or above 123.65. We will sell upon bouncing from 123.65, or below 122.48. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, GBP/CHF and HKD/JPY. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Buy upon bouncing from 122.48, or above 123.65. Sell upon bouncing from 123.65, or below 122.48

Graham Osano
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