Elliott waves analysis – Bullish pin bar on the daily chart

USDJPY – Down

Bullish pin bar on the daily chart

Wave Analysis

As we mentioned in the previous forecasts, after the false breakout below 108.80-108.48, the US Dollar pulled back to the same zone and could not break again below it. As long as the price remains confined above the zone 108.80-108.48, we expect a possible rally to the upper side. We expect the halt around 108.80 to have marked the end of the corrective wave (b) that the current bullish price rally is the continuation of the impulsive wave (c) to the upper side and may break above 114.09 towards 118.00.

Trade Recommendation:

We’e long towards 114.08

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