USDJPY Elliot Waves Analysis For 7 Dec 2015 | 07 December 2015
07 December 2015, USD/JPY
Wave Analysis:
USDJPY is currently trading with a bullish bias. The pair is currently on a rectangular formation, not going below 122.28, and above 123.65. Assuming wave (c) ended at 122.28, and wave (b) ended at 123.65, then the entire corrective 3 wave cycle may be complete. Thus, we are waiting for a break above 122.28, to mark a continuation of the downward trend, or a clear break out above 123.65 to mark the continuation of the upward trend. Traders trading this pair should observe other positively correlated pairs such as NZD/USD, HKD/JPY, and AUD/JPY. These pairs have a strong positive correlation of up to +0.96, and are thus expected to move in a similar direction, only buy or sell USD/JPY is all the positively correlated pairs are giving the same signal.
Trade Recommendation:
Wait for a break out either below 122.28, then sell, or above 123.65, then buy.
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.
