Elliott waves analysis – Short the US Dollar now towards the lower trendline

USDJPY – Down

Wave Analysis

The US Dollar is now in the processing of forming an expanding wedge formation. While the price is within this shape formation, we’re waiting for a bounce from the upper trendline to pick a long term short position with an ultimate target along the lower trendline. If you’re not in a short position now, you can still look for a long term short position now, or wait for a clear signal along the upper trendline, but should the price breakout above it, then this will be a good place to look for a long term long position towards 112.900.

Trade Recommendations:

Short the US Dollar now towards the lower trendline

101% Double the volume

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