Elliott waves analysis – Rebuy the US Dollar upon a rebound from 108.790

USDJPY – Down

Rebuy the US Dollar upon a rebound from 108.790

Wave Analysis

Despite the strong bearish engulfing candle seen on 24th on this month, the price failed to break below 108.790-108.629, instead the price bounced off from this zone and is currently rallying above it. Although this pair is pretty much bullish, we still expect a second attempt to retrace towards 10.8.790-108.629 where we’ll be looking to rebuy the impulsive wave (5) with an ultimate target at 110.157. If this target is broken, then the price will likely continue upwards towards 114.00 or even higher.

Trade Recommendations:

Rebuy the US Dollar upon a rebound from 108.790 with your take profit at 110.157

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