Elliott waves analysis – We’re looking for a long position above the upper trendline

USDJPY – Down

Wave Analysis

The US Dollar is currently bouncing off from the supportive trendline. As long as this trendline protects the lowerside, we’re waiting for a clear rebound from this trendline to pick a long term long position with an ultimate target along the upper trendlne. If the lower trendline is broken, then we’ll wait for a possible retracement towards the just broken trendline to pick a long term short position with an ultimate target at 111.69, if this target is broken, then further momentum towards 108.00 even lower is expected.

Trade Recommendations:

We’re looking for a long position above the upper trendline

101% Double the volume

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