Elliott waves analysis – We’re long from 111.040 and still holding

USDJPY – Down

Wave Analysis

The previous two day’s candle were long tailed bars, and the previous day’s candle was a perfect bullish pin bar candle. The correct buy place however is at 111.040. If you didn’t go long around 111.040 as we said previously, you can still look for long positions but your stop loss should be below 111.040. We highly recommend using a pending buy limit order to pick this position at the least risk position. Upwards, a key resistance level can be seen around 114.04 and the next resistance level at 118.00.

Trade Recommendations:

We’re long from 111.040 and still holding

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