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Elliott Wave Analysis: SP500 And USDJPY

I am looking across the FX USD pairs and searching for my favorite pair for USD opportunity. I came out with USDJPY. The first reason is because USDJPY is the strongest, and the second is correlation with the S&P500. As you know normally correlation between USDJPY and stocks is positive, but this has changed on Nov 3rd, when S&P500 turned down and is still weakening since then. However, we believe that reversal down on S&P500 is going to be corrective, which means that once the uptrend on stocks will resume USDJPY should become even stronger and rallied up to 124 if not 125.00. That said, USDJPY is on my radar screen for longs, but we need pullback on this pair for sure. For now that's not the case yet, but it can become very exciting if pair will makea three wave set-back to 122.80-123.00 area.

S&P500 vs USDJPY 4h

S&P500 vs USDJPY 4-Hour Chart

USDJPY, 1H

USDJPY 1-Hour Chart

 


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