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USDJPY Elliot Waves Analysis For 29 December 2015

29 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 29 December 2015
Wave Analysis:
USD/JPY is currently trading with a slight bearish. During the previous trading day, USD/JPY made little movements away from our levels 120.64, and 120.15. We are waiting for clear movements above 120.64, to go long with our target at 121.67, and clear movements below 120.15, to sell with targets 119.21. This pair should be traded along side other pairs such as HKD/JPY, and GBP/JPY. This pairs have a strong positive correlation of up to +0.85 and are thus expected to have a similar price action. Only buy or sell USD/JPY if all the other positively correlated pair are giving the same signal.

Trade Recommendation:

Wait for clear movements above 120.64,then buy with a target at 121.67, and clear movements below 120.15, then sell with targets 119.21

Graham Osano
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