Elliott waves analysis – We’re still long towards 114.479

USDJPY – Down

We're still long towards 114.479

Wave Analysis

instead of rallying even higher as we previously forecasted, the US Dollar lost value significantly and may correct itself further to the lower side. This downward rally is a mere correction of the impulsive wave (c) but should not go beyond the daily support level 108.573. Ideally, despite the previous decline in value, we still expect further momentum to the upper side and should break above 111.560, towards 114.479 or even higher. We may only consider a short position in case the price breaks below 108.523.

Trade Recommendations:

We’re still long towards 114.479

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