USDJPY Elliot Waves Analysis For 23 December 2015 | 23 Desember 2015
23 Desember 2015, USD/JPY
Wave Analysis:
USD/JPY is currently trading with a bearish bias. During the previous trading day, the pair made little movements, not going above 121.22 and below 120.62. We are waiting for a clear break below 120.67, to continue short with a target at 120.32, or a clear break above 121.22 to buy with a target at 121.65. This pair should be traded alongside other positively correlated pair such as SGD/CHF, TRY/JPY, NZD/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and are thus expected to have similar chart patterns. Only buy or sell USD/JPY, if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Wait for a clear break below 120.67, then sell with a target at 120.32, or a clear break above 121.22, then buy with a target at 121.65.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
