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USDJPY Elliot Waves Analysis For 25th November 2015

USDJPY Elliot Waves Analysis For 25th November 2015 | 25 November 2015

25 November 2015, USD/JPY

USDJPY Elliot Waves Analysis For 25th November 2015
Wave Analysis
USDJPY is currently trading with a slight Bearish bias. The pair went perfectly short after bouncing from the green trend line but could not reach a key support level 122.30, we expect further movements towards this level to mark the end of wave (a). Ideally, 122 should mark the beginning of wave (b), which should then target 123.75. Traders trading this pair should observe closely other pairs such as HKD/JPY, CHF/JPY, and GBP/JPY for similar price movements. Only buy or sell if the other positively correlated pairs are giving the same signal.
Trade Recommendation:

Go long from 122.30 with targets at 123.75, or even higher to 125.26.

Bob Stan
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