USDJPY Elliot Waves Analysis For 5 January 2016

05 January 2016, USD/JPY

USDJPY Elliot Waves Analysis For 5 January 2016
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, the pair crossed below the supportive green trend line and is currently trading below it.This trend line to be the next resistive level thus we will look to sell at this level with targets at 118.86 and 118.08, wave (b) should close at 118.88. but should the price close above it, then we will go long with targets at 120.07 and 120.25. This pair should be traded along side other positively correlated pairs such as SGD/JPY, NZD/JPY, aqnd 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 this pair if all the other positively correlated pairs are giving the same signal.

Trade Recommendation

Sell from the green trend line with targets at 118.86 and 118.08. You can buy from 118.86, with targets at 120.07, or buy above the green now resistive trend line.

Graham Osano
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