Elliott waves analysis – Expect further bearish rally towards 108.573.

USDJPY – Down

Expect further bearish rally towards 108.573.

Wave Analysis

The previous day’s candle was a perfect bearish pin bar candle. Definitely, we expect a rally to the lowerside, however, instead of a short position, we expect this downward rally to be a mere correction of the larger impulsive wave (c) and should not go beyond the daily support level 108.573, where we’ll be looking to rebuy the impulsive wave (c) with the first target at 111.560, and the next at 114.479. This view can only be invalidated in case the price breaks below 108.573, this being the case, we’ll expect a rally to the lowerside.

Trade Recommendations:

Expect further bearish rally towards 108.573.

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