• 8 hours Ireland Balks At Biden’s Global Tax Plan
  • 3 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 7 days Facial Recognition Is Watching You
  • 8 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 8 days The Fed’s $3 Trillion Headache
  • 11 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 12 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 12 days Delta Variant Real Threat To Economic Recovery
  • 15 days JEDI Drama Continues With Microsoft Contract Cut
  • 17 days DiDi Shares Take a Beating From Chinese Regulators
  • 18 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 18 days Jobs Report Has Big Numbers, But Still Big Problems
  • 19 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 22 days Didi Just Went Public, And Uber Is Loving It
  • 23 days Islamic Finance On Track To Hit $3.7 Trillion
  • 24 days The Lumber Bubble Is Bursting
  • 28 days A New Entry In The Two Trillion Dollar Club
  • 28 days 3 Upcoming IPOs To Watch As IPO Market Rebounds
  • 30 days Welcome To The Used Car Bonanza
  • 31 days The Year Of The Retail Investor Keeps Getting Bigger
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

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

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment