Elliott waves analysis – Remain short towards 108.398.

USDJPY – Down

Remain short towards 108.398.

Wave Analysis

The Us dollar is expected to trade within a tight range, not going above 114.67 or below 108.398. Just recently, the US Dollar failed to break above 111.23, and instead rebounded from this level and is currently rallying to the lower side. This pair is very bearish on the monthly chart and therefore chances of continuing to the lower side after last week’s drop is very high. We’re waiting for a slight correction upwards to pick a short position with the first target at 108.356. Should this target be broken, then the price will continue further to the lower side, with an ultimate target at 104.935.

Trade Recommendations:

Remain short towards 108.398.

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