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USDJPY Elliot Waves Analysis For 30 December 2015

30 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 30 December 2015
Wave Analysis:
USD/JPY is currently trading with aslight bearish bias. During the previous Trading day, USD/JPY made little movements from our set target of 119.48. as long as the pair trades below, 120.64, we are short with targets below 119.48. Any clear movements above 120.64 will call for long positions with targets at 121.67, and122.60. This pair should be traded alongside other positively correlated pairs such as TRY/JPY, SGD/JPY, HKD/JPY, CAD/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.90 and are thus expected to move in a similar direction. Only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.

Trade Recommedation:

As long as the pair trades below, 120.64, remain short with targets below 119.48. Any clear movements above 120.64 will call for long positions with targets at 121.67, and122.60.

Graham Osano
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