Elliott waves analysis – As long as the price remains above 107.409, expect a rally towards 108.770.

USDJPY – Down

As long as the price remains above 107.409, expect a rally towards 108.770.

Wave Analysis

Yesterday, the price went above the 4 hour resistance level 107.409 and is still rallying above it. As long as this level is not violated to the lower side, we expect a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave c to the upper side but should not go beyond 108.290. If the level 107.409 is violated to the lower side, then expect a crash towards 106.596 and may break lower to 104.880. Yesterday’s crash above 107.409 is a bullish sign and indicates a possible increase in the number of buyers, thus, a rally to the upper side is highly likely.

Trade Recommendation.

As long as the price remains above 107.409, expect a rally towards 108.770.

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