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USDJPY Elliot Waves Analysis For 10 December 2015

10 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 10 December 2015
Wave Analysis:
USD/JPY is currently trading with a bullish bias. The pair successfully broke below the level 122.24 which formed the support of the equilibrium zone 123.65 and 122.24. We expect that the current upward movement is merely a corrective upward move towards 122.24, then we continue short. This pair should be traded alongside other pairs such as GBP/HKD, EUR/CAD, and AUD/CAD. These pairs have a very strong positive correlation of up to +0.77, and are thus expected to have a similar chart patterns. Only buy or sell if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for the current upward movement to reach 122.24 then sell with targets at 120.37, and 118.59.

Graham Osano
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