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USDJPY Elliot Waves Analysis For 22 December 2015

22 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 22 December 2015
Wave Analysis:
USD/JPY is currently trading with a slight bullish bias. We are waiting for a clear break out above 121.51 to go long with targets above 122.08, otherwise we are short with targets along 120.67 or even below. This pair should be traded alongside other pairs such as USD/DKK, USD/HUF, TRY/JPY, GBP/CHF, CAD/JPY, and CAD/CHF. This pairs have a strong positive correlation of up to +0.95 and are thus expected to have similar chart patterns, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Buy above 121.51 with targets above 122.08. If the price bounces from121.510, then remain short with targets along 120.67 or even below.

Graham Osano
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