Elliott waves analysis – on the sellers territory

USDJPY – Down

on the sellers territory

Wave Analsysis:

During the previous trading day, the US dollar rose significantly but could not break above a key line seen at 107.80. As long as this zone protects the upper side, this is a potential sell place and therefore, sell positions are recommended here only on clear signals. If the price should break above 107.80, then we”ll wait for a break above 108.66 to confirm a possible bullish price movements towards 114.65 or even higher. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY, HKDJPY. These pairs have a strong positive correlation of up to +65% and will move in the same direction today.

Trade Recommendations:

Still on the sellers territory, therefore, only buy a break above 108.66 with your target at 114.65

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