USDJPY Elliot Waves Analysis For 11 December 2015
11 December 2015, USD/JPY
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.
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
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us