USDJPY Elliot Waves Analysis For 16 December 2015
16 December 2015, USD/JPY
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.
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
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