• 752 days Will The ECB Continue To Hike Rates?
  • 753 days Forbes: Aramco Remains Largest Company In The Middle East
  • 754 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,154 days Could Crypto Overtake Traditional Investment?
  • 1,159 days Americans Still Quitting Jobs At Record Pace
  • 1,161 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,164 days Is The Dollar Too Strong?
  • 1,164 days Big Tech Disappoints Investors on Earnings Calls
  • 1,165 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,167 days China Is Quietly Trying To Distance Itself From Russia
  • 1,167 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,171 days Crypto Investors Won Big In 2021
  • 1,171 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,172 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,174 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,175 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,178 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,179 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,179 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,181 days Are NFTs About To Take Over Gaming?
  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