Elliott waves analysis – Buyers still in control

USDJPY – Down

Wave Analysis

The US Dollar is still confined within the rising channel formation. As we mentioned during the previous forecasts, while the price is above the level 106.700, we expect nothing but a possible momentum to the upperside. Conservative traders should wait for a correction towards 110.060 to pick a buy order or a break above 111.960 to pick a confirmed buy towards 114.00. If this target is taken out, then we expect a spike towards 118.00, following this target is 121.00. These levels, 121.00, 118.00 are major weekly levels and a rebound from them is likely.

Trade Recommendations:

We’re long towards 114.00

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