Elliott waves analysis – Buy the Us dollar upon a rebound from 108.72

USDJPY – Down

Buy the Us dollar upon a rebound from 108.72

Wave Analysis

After the end of the impulsive wave (c) around 111.07, the Us Dollar has been in constant downtrend and is currently approaching a daily support level 108.72, if you didn’t pick a short position upon the end of the impulsive wave (c) around 111.07, then we advice remaining flat and waiting for a buy position around 108.72 upon a rebound. Thus, instead of triggering any trade now, the ideal is to remain flat and wait for a perfect rebound from 108.72 to pick a long position with an ultimate target at 111.07.

Trade Recommendations:

Buy the Us dollar upon a rebound from 108.72 with your take profit at 111.07

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