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USDJPY Elliot Waves Analysis For 18 December 2015

18 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 18 December 2015
Wave Analysis:
USD/JPY is currently trading with a bullish bias. The pair went long as previously forecasted and even ended up trading with the zone 122.24 and 123.65. Following this upward movements, we are very reluctant to go short, we will remain long with our target at 123.65. Also, We will look to buy above 123.65 with targets above 125.12 and sell below 122.24 with a target at 121.38. This pair is strongly positively correlated to USD/DKK, USD/CHF, TRY/JPY, and HKD/JPY. These pairs have a very strong positive correlation of up to +0.85 and are thus expected to have similar chart pattern.

Trade Recommendation:

Buy above 123.65 with targets above 125.12 and sell below 122.24 with targets below 121.38

Graham Osano
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