manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

USDJPY Elliot Waves Analysis For 16 December 2015

16 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 16 December 2015
Wave Analysis:
USDJPY is currently trading with a bullish. The pair bounced off from the green trend line and headed long as previous forecasted but is yet to reach a target level 122.24. We are waiting for further upward movements towards this resistant level, any clear movements above it will call for further long positions. Otherwise, in case of a clear bounce/ rejection at this level, we will go short with out targets below 121.28. This pair should be traded along side other pairs such as TRY/JPY, HKD/JPY, AUD/CHF, and CAD/CHF. These pairs have a strong positive correlation of up to +0.85 and are thus expected to have a similar chart patterns. Therefore, only buy or sell USD/JPY, if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Buy above 122.24 with targets above 123.15. In case of a clear bounce from 122.24, then sell with targets below 120.67

Graham Osano
See also:
Agree with the review?
Traders' opinion:

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

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .