Elliott waves analysis – Look for a long position

USDJPY – Down

Wave Analysis

The US Dollar is currently bouncing from a daily support level 111.040. As long as this level remains intact, we’re waiting for a clear rebound from it to pick a long position with the first target at 114.35 and the next at 118.21. You can still look for a long position now but have your target at 114.040. But should the price break below 111.040, then this will be a good place to look for a long term short position with an ultimate target at 108.42. Another break below 108.42 will culminate into further rally to the lowerside.

Trade Recommendations:

Look for a long position

101% Double the volume

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