Elliott waves analysis – Sell the US Dollar around 107.785

USDJPY – Down

Wave Analysis

The US Dollar continues to rally to the upper side but is still several pips below our sellers territory 107.785. During this day and in the next trading day, I expect a possible momentum towards 107.785 and even a possible break above to confirm a possible rally towards 111.210 or even higher. The anticipated bullish price rally will be the continuation of the impulsive wave (c) to the upper side but should not go beyond the level 111.210. This view will only be invalidated in case the price breaks below 106.395, this being the case, we’ll expect a rally to the lower side.

Trade Recommendations:

Sell the US Dollar around 107.785

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