• 4 hours Rise Of EVs Signals Peak Gasoline
  • 22 hours Jeff Bezos Doubles Down On Space Colonization Ambitions
  • 1 day Gold Mining Stocks Stuck In Limbo
  • 2 days Executive Order Targets Huawei Over Espionage
  • 2 days Why Now May Be The Best Time Ever To Hold Gold
  • 3 days Fake News Sinks Shares In UK-Based Bank
  • 3 days De Beers To Build $468 Million Diamond Recovery Ship
  • 3 days Moody's: Turkey Faces Possible Credit Downgrade
  • 3 days Tesla's Solar Sales Are Slipping
  • 4 days Auto Industry To Get Temporary Tariff Relief
  • 4 days Welcome To The World’s Biggest Free Trade Area
  • 4 days Central Banks Are Stockpiling Gold At The Fastest Rate In Half A Decade
  • 4 days U.S.-China Impasse Threatens Rare Earth Trade
  • 5 days Wall Street Bears $1 Trillion Brunt Of Trade War
  • 5 days Mobile Sports Betting Isn’t Quite Minting Millionaires Just Yet
  • 5 days The Marijuana Industry’s Shocking Secret
  • 5 days A Generational Shift Is Quietly Unfolding In The Mining Industry
  • 6 days Pentagon To Pay $6 Billion To Help Build Border Wall
  • 6 days Beijing Backlash: Stocks Slammed, Gold Boosted
  • 6 days Market Sentiment At Its Lowest In 10 Months
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  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