Elliott waves analysis – Still long towards 114.234

USDJPY – Down

Still long towards 114.234

Wave analysis:

During the previous trading day the us dollar correct itself perfectly as forecasted but is still several pips above 110.040. During this trading day, we expect a possible extension of this correction to the lower side but should not go beyond the level 110.040. If you went long from 110.40, its good to leave this position open, if not, you can wait and rebuy the US Dollar upon a rebound from any hourly support. Our expectation is that the price should continue to the upper side with the next ideal target at 118.231.

Trade Recommendtaion:

Still long towards 114.234

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