Elliott waves analysis – We’re short from 112.082

USDJPY – Down

Wave Analysis

Despite the previous day’s rise in momentum, the US Dollar failed to go above 112.082. As long as the price remain below this level, we expect a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the corrective three wave cycle and should break below 109.840. This view can only be invalidated in case the price breaks above 112.082, if this is the case, then we’ll expect a bullish momentum towards 113.080. And if this level is broken, then we’ll expect a momentum even higher but should not go above 118.00.

Trade Recommendations:

We’re short from 112.082

101% Double the volume

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