Elliott waves analysis – Look for a possible buy around 110.80, with your take profit at 113.80.

USDJPY – Down

Wave Analysis

During the previous trading day, the US Dollar rallied intensely to the upperside and even went above the trend indicator, Envelopes. This is a possible change is trend, and as long as the price remains above this indicator, we expect nothing but a possible steep ascend towards 113.35 or even higher. If you’re not in any position at the moment, you should wait for a possible buy position with your take profit at 113.55. On its way upwards, the key lines to look for include 111.55, 112.55 and 113.55. If these levels are broken, then further momentum even higher is expected.

Trade Recommendations:

Look for a possible buy around 110.80, with your take profit at 113.80.

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