Elliott waves analysis – We’re either looking for a short position, or on the sidelines.

USDJPY – Down
Wave Analysis:
Yesterday, our stops were taken out when the price went below the daily support level 11102. As long as the price remains below 111.040, we expect a possible momentum to the lowerside. But should the price again breakout above 111.040, then this will be a good place to look for a low risk long position with an ideal take profit at 114.27 and the next at 118.00. On the lowerside, should the price continue to remain below 111.027, then a rally towards 108.21 is highly likely.
Trade Recommendation:
We’re either looking for a short position, or on the sidelines.

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