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USDJPY Elliot Waves Analysis For 21 December 2015

21 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 21 December 2015
Wave Analysis:
USD/JPY is currently trading with a bearish bias. As previously forecasted, the pair traded perfectly short after closing below 122.24. We expect the current downward movement to continue short with an ultimate target at 120.67. This pair is strongly positively correlated to USD/DKK, USD/CHF, HKD/JPY, and AUD/CHF. These pairs are strongly positively correlated to USD/JPY and are thus expected to move in a similar direction. Thus only buy or sell USD/JPY if all the other positively correlated pairs are giving the signal.

Trade Recommendation:

Remain short with an ultimate target at 120.67. or even below

Graham Osano
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