Elliott waves analysis – We went long from 111.665.

USDJPY – Down

Wave Analysis

After a spike to the upperside, the US Dollar is currently retreating to the lowerside. However, as long as the price is above 111.665, we expect a possible momentum to the upperside, The anticipated bullish price rally is the continuation of both the impulsive waves v and (c) and should break above 114.541, but should not go beyond 117.883. And on the bears side, should the price break below 111.665, then this will be an ideal place to look for a long term short position with an ultimate target along the weekly support level 108.830.

Trade Recommendations:

We went long from 111.665.

101% Double the volume

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