Elliott waves analysis – Look for long positions above 108.674

USDJPY – Down

Look for long positions above 108.674

Wave Analysis

Earlier this year, the Us Dollar went below the weekly support level 108.674 with a big red candle, rallied below it for sometimes and has now gone back above it. Despite the fact that the previous week’s candle was a perfect bearish pin, as long as the price remains above 108.674, we expect a possible rally to the upper side, we expect a slight move to the lower side, before a main move to the upper side is seen, ideally, last week’s candle could be a fake out candle. If you’re abit skeptic to look for long position, you could look for short term short positions but with a target at 108.674.

Trade Recommendations:

Look for long positions above 108.674 towards 114.087

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