Elliott waves analysis – Rebuy the US Dollar around 108.89

USDJPY – Down

Rebuy the US Dollar around 108.89

Wave Analysis

During the previous trading day, we saw a massive decline in price but is currently approaching a key daily support 109.89, we expect the previous drop in price to be a correction of the impulsive wave (c) and should not break below 109.89, if this target is broken, then we expect a possible rally to the lower side but should not go beyond the next key level seen at 108.72. On the daily chart above, we’re waiting for a buy sign to pick a long position with an ultimate take profit at 111.05. The anticipated bullish price rally will be the continuation of the impulsive wave (c) and should not go beyond 114.27.

Trade Recommendation.

Rebuy the US Dollar around 108.89 with your take profit at 111.07

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