USDJPY Elliot Waves Analysis For 31 December 2015 | 31 December 2015
31 December 2015, USD/JPY
Wave Analysis:
USDJPY is currently trading with a bullish bias. We are waiting for a clear close below the diagonal trend line to go short with targets below 118.13. But as long as the pair trades above the green trend line, we will look for long positions with targets above 122.44. Traders trading this pair should observe other pairs such as GBP/JPY, and 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 USD/JPY is all the other positively correlated pairs are giving the same signal.
Trade Recommendation
Wait for a clear close below the diagonal trend line then go short with targets below 118.13. But as long as the pair trades above the green trend line, look for long positions with targets above 122.44
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.
