Elliott waves analysis – Short term sell

USDJPY – Down

Short term sell

Wave Analysis

For only two days now, the us Dollar has lost almost 100% the value it gained last week. Despite the previous day’s decline in value, the price is still above 108.72, we expect a drop towards this level to pick a long position with the first target at 111.07 and the next at 114.00. This view can only be rendered futile in case the price breaks below 108.72, if this is the case, then we’ll expect a possible momentum to the lower side with our first target at 105.30 and the next at 103.50. If these targets are broken, then the us dollar head towards last years lowest low.

Trade Recommendations:

Short usd towards 108.72

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