Elliott waves analysis – Remain flat

USDJPY – Down

Remain flat

Wave Analysis:

The US dollar is slowly breaking below the weekly support level seen at 108.25. Unless there’s a clear close below this level by Friday this week, we choose to remain flat on this pair, our expectations is that the price should close above 108.25, by the end of this week, to give us a clear buy signal. On the other side, a close below 108.25 by the end of this week will mean we’re heading to the lower side with our target being at 100.04 or even lower. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +56% and will move in the same direction today.

Trade Recommendations

Remain flat and only sell a clear weekly close below 108.25

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