Elliott waves analysis – We’re long towards 114.460
USDJPY – Down
Perfectly as previously forecasted, the US Dollar rallied higher than expected and even went above the daily resistance level 111.040. This was a clear breakout and as long as the price remains above this level, we expect a possible rally to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should break above 114.460. If you’re not in a short position already, you should wait for minor pull backs to look for a low risk long position towards 114.460.
We’re long towards 114.460
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