Elliott waves analysis – We’re long with our target at 110.12

USDJPY – Down

We're long with our target at 110.12

Wave Analysis

Despite the bearish engulfing candle seen recently on the 4 hour chart, the US Dollar rallied higher and even went above the opening of this bearish engulfing candle, 108.985. This is a clear indication that the we’re in our buyers territory, this, as long as the price remains above 108.985, we expect further momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and should break above 110.20 towards 114.00 o even higher. In the meantime, we’re waiting for slight pullback towards 108.985 to look for low risk long positions.

Trade Recommendations:

We’re long with our target at 110.12

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