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USDJPY Elliot Waves Analysis For 24 December 2015

24 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 24 December 2015
Wave Analysis:
USD/JPY is currently trading with a bearish bias. The pair traded short during the previous intraday, but could not close below 120.67, we are waiting for a clear close below this level to continue short with targets along the lower green trend line. Any close above 121.38 will call for long positions with targets above 122.08. This pair should be traded alongside other pair such as CAD/JPY, GBP/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.89 and are thus expected to have a similar chart patterns. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
A clear break out below 120.67 will call for short positions with targets along the lower green trend line. Any close above 121.38 will call for long positions with targets above 122.08
Graham Osano
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