Elliott waves analysis – Buy Us Dollar from within the zone 108.772-108.829 with your take profit at 109.050.

USDJPY – Down

Buy Us Dollar from within the zone 108.772-108.829 with your take profit at 109.050.

Wave Analysis

After breaking above the resistance zone 108.772-108.829, the US Dollar corrected itself to the lowerside but is still above the same zone. As long as the price remains above this zone, we expect nothing but a possible momentum to the lowerside. Ideally, we are waiting for a clear sign that the corrective wave (D) is ended so that we buy the last impulsive wave (E) to the upperside with the ultimate target at 109.050. If the price breaks above this level, then further momentum to the upperside is expected.

Trade Recommendations:

Buy Us Dollar from within the zone 108.772-108.829 with your take profit at 109.050.

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