Elliott waves analysis – Buy the US Dollar now, with your take profit at 108.960.

USDJPY – Down

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Wave Analysis

According to the previous day;’s analysis, we expected a possible momentum further to the lower side, however, earlier today, the US Dollar rose massively and even went above the upper trendline acting as a resistance to the declining shape formation. As we stated, as long as the price is held above this trend, we expect a possible momentum to the upper side. Ideally, we expect the bounce from 108.17 to have marked an end to the corrective three wave cycle, that the current bullish price rally is the continuation of an impulsive five wave cycle and should break above 108.960.

Trade Recommendations:

Buy the US Dollar now, with your take profit at 108.960.

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