Elliott waves analysis – Expect sellers to dominate today

USDJPY – Down

Expect sellers to dominate today

Wave Analysis

Yesterday, the US Dollar traded massively to the upper side and even broke out above 107.743, and is still pretty much above this level. Now that the price is above it, this level should act as a key support and as long as it contains the price above, this is a key buy place. With that in mind, we expect the halt around 100.985 to have marked the end of the impulsive wave (5) that the recent massive drop in price is the unfolding of a corrective three wave cycle and should not go beyond 107.743. You may opt to pick this sell trade around 100.985 but have your target at 107.743.

Trade Recommendations:

Short this pair around 100.965 towards 107.743

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