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USDJPY Elliot Waves Analysis For 23 December 2015

23 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 23 December 2015
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, the pair made little movements, not going above 121.22 and below 120.62. We are waiting for a clear break below 120.67, to continue short with a target at 120.32, or a clear break above 121.22 to buy with a target at 121.65. This pair should be traded alongside other positively correlated pair such as SGD/CHF, TRY/JPY, NZD/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 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:

Wait for a clear break below 120.67, then sell with a target at 120.32, or a clear break above 121.22, then buy with a target at 121.65.

Graham Osano
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