Elliott waves analysis – The US Dollar could drop massively

USDJPY – Down

The US Dollar could drop massively

Wave Analysis

Last week, the US Dollar rose significantly despite the previous anticipation that it could decline in value. Despite this rise, this pair could not go beyond the 4 hour resistance level 107.864. As long as this level is not violated to the upper side with a big green candle, we’re still within our sellers territory. If the price goes beyond 107.864, then I’ll expect a possible momentum to the upper side with an ultimate target at 110.425. On the 4 hour chart, we expect a possible bearish momentum towards 106.775 ore even lower.

Trade Recommendations

Expect a possible momentum towards 105.455

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