USDJPY Elliot Waves Analysis For 10 December 2015
10 December 2015, USD/JPY
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.
Wait for the current upward movement to reach 122.24 then sell with targets at 120.37, and 118.59.
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