Elliott waves analysis – Rebuy the us dollar around 108.450

USDJPY – Down

Rebuy the us dollar around 108.450

Wave Analysis

Instead of a growth to the upper side, the us Dollar declined significantly from Thursday last week, and is still pretty much bearish on the 4 hour and the daily charts. We expect this downward rally to be a mere minor correction of the impulsive wave c) to the lower side and should not go beyond the daily support level 108.450, where we’ll be looking to buy the impulsive wave (c) with an ultimate target at 114.007. If you’re already in a long position, you could leave this position open, if not, then wait for a drop towards 108.480 then pick a long position towards 114.0057.

Trade Recommendations:

Rebuy the us dollar around 108.450 towards 114.006

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