USD/JPY Elliot Waves Analysis For 28 December 2015
28 December 2015, USD/JPY
USD/JPY is currently trading with a bearish bias. The pair traded short during the previous intraday and even ended up closing below 120.32. As long as the pair trades below this level, we will remain short with our target along the lower red trend line. This pair should be traded alongside other pairs such as HKD/USD. These pairs have a strong positive correlation of up to +0.95 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;.
As long as the pair trades below this level, we will remain short with our target along the lower red trend line 118.36
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