USDJPY Elliot Waves Analysis For 15 December 2015
15 December 2015, USD/JPY
USDJPY is currently trading with a bearish bias. The pair traded short as previously forecasted but could not close below the green supportive trend line, instead, it formed an exhaustion at this level. We are waiting for a clear break below this trend line, to continue short with a target at 120.30 or even below. In case of a clear bounce along this line to place our buy positions with target at 121.29. This pair should be traded alongside other pairs such as SGD/JPY, TRY/JPY, GBP/JPY, CAD/JPY, and HKD/JPY. These pairs have a strong positive correlation of up to +0.75 and are thus expected to follow the same direction during this intraday.
If you haven't gone short already, wait for a clear break below the green trend line, sell with a target at 120.30 or even below. In case of a clear bounce along this trend line, buy with a target at 121.29.
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