USDJPY Elliot Waves Analysis For 14 December 2015

14 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 14 December 2015
Wave Analysis:
USDJPY is currently trading with a bearish bias. The pair bounced off from122.24, and went perfectly short as previously forecasted but could not hit our target of 120.97. We still expect further movements downwards towards this support level or even below. That said, as long as EUR/USD and GBP/USD remain Bullish, we are short in USD/JPY, the latter is strongly negatively correlated to the other pairs and are thus expected to move in a different price pattern. When you look to sell in USD/JPY, you should look to buy in Euro and Pound pairs.

Trade recommendations:

Remain short with targets at 120.37, and 119.73.

Graham Osano
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