USDJPY Elliot Waves Analysis For 11 December 2015 | 11 Dezembro 2015
11 Dezembro 2015, USD/JPY
Wave Analysis:
USDJPY is currently trading with a slight Bullish. The pair corrected itself upwards but is yet to hit our now key resistant level 122.24. We are waiting for a close above this trend line to mark the continuation of the upward movement, or a bounce from this level to mark a reversal. Should the price close above 122.29, then we will continue long with our target at 123.65. In case of a bounce, then we go short with our target below 121.09. This pair should be traded alongside other pairs such as HKD/JPY, GBP/JPY, and TRY/JPY. These pairs have a strong positive correlation of up to +0.77 and are thus expected to have a similar price action.
Trade Recommendation:
Wait for the price to close above 122.29, then continue long with your target at 123.65. should the price turn bearish from 122.24, then sell targets below 121.09
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.