Elliott waves analysis – Only buy a break above 109.864 or a bounce from 108.541 with an ultimate target at 114.131.

USDJPY – Down

USDJPY

Only buy a break above 109.864 or a bounce from 108.541 with an ultimate target at 114.131.

Wave Analysis

Despite the bullish pin bar seen last week, the US Dollar failed to penetrate above 108.884. This is key daily level and while the price is contained below it, we expect a possible plunge towards 108.541. The level 108.541 is a week;y support and while it contains price above it, we’re buyers, According to the current set up and structure, we recommend remain flat, but expect price to plunge as mentioned above. A break beyond 109.864 will mean looking for a possible buy order with an ideal take profit at 114.131.

Trade Recommendations:

Only buy a break above 109.864 or a bounce from 108.541 with an ultimate target at 114.131.

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