Elliott waves analysis – A weekly demand level is around 108.503

USDJPY – Down

Wave Analysis

The Us Dollar is currently trading with an increasing bullish bias momentum. As long as the price remains within the rising wedge formation, we expect a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the corrective three wave cycle and should break above 111.210 further to the upper side. As it is, only buy positions looks more ideal. This upward rally is supported by the fact that the previous month’s candle was a perfect bullish pin bar candle and could push price even higher.

Trade Recommendations:

Remain long

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