Elliott waves analysis – Conservative traders can wait for a break above 107.485

USDJPY – Down

Conservative traders can wait for a break above 107.485

Wave Analysis

After a slight decline in value during the previous trading day, the US Dollar has gained almost 100% the value it lost the previous trading day. We expect further momentum to the upper side with our target being 107.455. If this target is broken, then we’ll expect a possible momentum to the upper side with our next target being 111.210. The anticipated bullish price rally will be the continuation of the impulsive wave c to the upper side and should not go beyond 111.210. This view can only be invalidated in case the price breaks below 106.595, if this is the case, then we’ll expect a rally to the lower side.

Trade Recommendation:

Conservative traders can wait for a break above 107.485 to onfirm a rally towards 111.210

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