Elliott waves analysis – Only sell below 108.523

USDJPY – Down

Wave Analysis

During the previous trading day, the US Dollar rallied to the lower side instead of picking a momentum to the upper side. We still expect a momentum to the upper side especially if the price is still above the daily level 108.523. In an event that the price break above 111.560, then this will be another good place to look for a long position with an ideal target at 114.479. And on the bearish side, a break below 108.573 will attract a short position with a ideal take profit at 101.008. You could take our profits around 105.560 before you sell again.

Trade Recommendations:

Only sell below 108.523

101% Double the volume

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