Elliott waves analysis – Short towards 106.596.

USDJPY – Down

Short towards 106.596.

Wave Analysis

Recently, the Us Dollar attempted a break above 107.465 but ended up closing below it. This, 107.465 is a key level and as long as the price is below it, we expect a possible rally to the lower side but should not go beyond the daily support level 106.595 where we’ll be looking to rebuy the last phase of the impulsive wave c to the upper side with our target at 111.721. This view can only be invalidated in case the price breaks below 106.596, this being the case, we’ll expect a rally to the lower side towards 104.890.

Trade Recommendations:

Short towards 106.596.

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