USDJPY Elliot Waves Analysis For 26th November 2015 | 26 نوفمبر 2015

USD/JPY is currently trading with a slight bearish bias. We expect the level 122.250 to have marked the end of wave (a), and the beginning of wave (b). Therefore, the current downward movement is merely a minor pull back probably back to 122.42 before we continue with wave (b). Traders trading this pairs should observe other positively correlated pairs such as HKD/JPY, GBP/NZD, and CAD/JPY for similar price movements. These pairs have a strong positive correlation of up to +0.95, and are thus expected to follow a similar price pattern. Therefore, only buy or sell Euro if all the other positively correlated pairs are giving the same signal.