Elliott waves analysis – Buy the Us Dollar above 111.02

USDJPY – Down

Wave Analysis

Despite the previous weekly Bullish engulfing candle, the US Dollar is still below the short term resistance level 111.02. We’re waiting for a clear breakout above this short term level to pick an upward position. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upper side but should not go beyond 118.20. If this target is take out, then further momentum upwards is expected. We will only consider a short position should the price rebound from 111.02, or breaks below 108.23.

Trade Recommendations:

Buy the Us Dollar above 111.02

101% Double the volume

You may check other analytical reviews on FreshForex website. Source: freshforex.com.