Elliott waves analysis – Rebuy the US Dollar around 108.955

USDJPY – Down

Rebuy the US Dollar around 108.955

Wave Analysis

In the recent past, the impulsive wave (5) went above the 4 hour resistance level 108.985 and is still pretty much above this level. As long as this level holds the price above it, we expect a possible momentum to the upper side with an ultimate target at 110.20 or even higher. On the 4 hour chart attached, we’re waiting for minor pullbacks to the lower side, towards 108.955 to pick a low risk buy position with an ultimate target at 110.20. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and should break above 110.20 towards 114.00.

Trade Recommendations:

Rebuy the US Dollar around 108.955 with your target at 110.00

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