USDJPY Elliot Waves Analysis For 11 December 2015

11 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 11 December 2015
Wave Analysis:
USDJPY is currently trading with a slight Bullish. The pair corrected itself upwards but is yet to hit our now key resistant level 122.24. We are waiting for a close above this trend line to mark the continuation of the upward movement, or a bounce from this level to mark a reversal. Should the price close above 122.29, then we will continue long with our target at 123.65. In case of a bounce, then we go short with our target below 121.09. This pair should be traded alongside other pairs such as HKD/JPY, GBP/JPY, and TRY/JPY. These pairs have a strong positive correlation of up to +0.77 and are thus expected to have a similar price action.

Trade Recommendation:

Wait for the price to close above 122.29, then continue long with your target at 123.65. should the price turn bearish from 122.24, then sell targets below 121.09

Graham Osano
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