Elliott waves analysis – Wait for pullbacks to the lowerside

USDJPY – Down

Wait for pullbacks to the lowerside

Wave Analysis

During the previous trading day, the impulsive wave c spiked massively to the upper side, way higher than expected and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above 107.743, we expect a possible momentum to the upper side but should not go beyond 110.720. If you din’t get an opportunity to buy this pair upon a break above 107.743, you could still wait for pullbacks to the lower side then pick low risk long positions with your take profit at 110.720.

Trade Recommendations:

Wait for pullbacks to the lowerside, then pick long positions towards 110.720

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