Elliott waves analysis – We’re long towards 114.00

USDJPY – Down

We're long towards 114.00

Wave Analysis

After a break above 108.474, this pair pulled back to the same level before taking of to the upper side. We expect the rebound from 108.476 to have marked the end of the corrective wave (b) that the current movements to the upper side is the unfolding of the last impulsive wave (c) and should first break above 111.365 towards 113.115 and may head higher to 114.068. As long as the price is above 108.634, we expect a possible rally to the upper side, however, should the price get below 108.674, then we’ll be looking for short position towards 104.315.

Trade Recommendatiions:

We’re long towards 114.00

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