Elliott waves analysis – Look for short positions around 111.07

USDJPY – Down

Wave Analysis

After relentless momentum to the upper side for almost a fortnight now, the US Dollar is now showing signs of rebounding from the daily resistance level 111.07. The level 111.07 is a key daily level and as long as it protects the upper side, we expect a possible rebound from it to pick a short position with an ultimate target at 108.80. However, should it be broken, then we expect the impulsive wave (c) to continue upwards with an ultimate target at 114.27. At the moment, we recommend looking for short positions.

Trade Recommendations:

Look for short positions around 111.07 with your take profit at 108.80.

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