USDJPY Elliot Waves Analysis For 17 December 2015
17 December 2015, USD/JPY
USDJPY is currently trading with a bullish bias. The pair traded perfectly long as previously forecasted and ended up closing within its previous significant zone 122.24 and 123.65. Since USD/JPY is strongly negatively correlated to Pound and Euro, as long as Euro and Pound are short, we are long in USD/JPY, with targets above 122.83. These pairs move exactly opposite one another, they have a strong negative correlation of up to -0.85.
As long as the pair trades above 122.24, look for long positions with ultimate targets along or above 123.65
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