Elliott waves analysis – Look for short positions around 111.068

USDJPY – Down

Look for short positions around 111.068

Wave Analysis

During the previous trading day, the daily candle opened at 110.859 went as high as 111.395 and as low as 110.821 but ended up closing at 111.038 just a few pips above its daily opening price, the previous day’s candle is a perfect bearish pin bar candle around a key daily resistance level 111.068. as long as this level protects the upper side, we expect a possible rally to the lower side with our target at 108.80. However, should the price break above 111.068, then we expect a possible extension of the impulsive wave (c) towards 114.00.

Trade Recommendations:

Look for short positions around 111.068 towards 108.80

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