Elliott waves analysis – Still in buyers territory

USDJPY – Down

Still in buyers territory

Wave Analysis

During the previous trading day, the impulsive wave (c) traded intensely to the upper side and is still pretty much bullish. As we mentioned previously, the best place to buy this pair is around 108.573, however, if you didn’t get the chance to buy then, you could still wait for a break above 111.560 to pick a low risk buy position with the next take profit at 114.479. Sell positions can only be recommended in case of a rebound from 111.560, or in case of a break below 108.573, this being the case, we’ll wait for a correction to pick a short position.

Trade Recommendations:

Buy the US Dollar above 111.560 towards 114.479

101% Double the volume

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