Elliott waves analysis – We’re long towards 111.060

USDJPY – Down

We're long towards 111.060

Wave Analysis

For the past two trading days, US Dollar has formed two bullish pin bars, but still below a key daily resistance line 110.06. I expect a rally towards this target and even a breakout, should this breakout be the case, then we’ll expect further momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (c) but should not break above 114.360. At the moment, we only recommend looking for long positions, but should the price rebound from 111.060, or breaks below 108.396, then we may consider short positions.

Trade Recommendation,

We’re long towards 111.060

101% Double the volume

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