Elliott waves analysis – buyers eyeing 104.08

USDJPY – Down

buyers eyeing 104.08

Wave Analysis

The impulsive wave (b) continues to decline in value but should not go beyond the support level seen at 104.08. Today and in the next few days, we expect a rally towards 104.85, then a rebound to pick a long position with an ultimate target at 118.45. As long as the zone 104.85-104.43 is not breached, we expect a possible bullish momentum towards 114.65 and may break higher towards 118.45. Should the price break below 108.85, then we expect further drop towards 99.65 or even lower. Trade this pair alongside CADJPY, HKDJPY, USDCHF, USDCAD and AUDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.

Trade Recommendations:

Remain short with your first target at 104.08.

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