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USDJPY Elliot Waves Analysis For 31 December 2015

31 December 2015, USD/JPY

USDJPY Elliot Waves Analysis For 31 December 2015
Wave Analysis:
USDJPY is currently trading with a bullish bias. We are waiting for a clear close below the diagonal trend line to go short with targets below 118.13. But as long as the pair trades above the green trend line, we will look for long positions with targets above 122.44. Traders trading this pair should observe other pairs such as GBP/JPY, and HKD/JPY. These 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 is all the other positively correlated pairs are giving the same signal.

Trade Recommendation

Wait for a clear close below the diagonal trend line then go short with targets below 118.13. But as long as the pair trades above the green trend line, look for long positions with targets above 122.44

Graham Osano
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