Elliott waves analysis – Remain long towards 110.39.

USDJPY – Down

Remain long towards 110.39.

Wave Analysis:

Perfectly as previously forecasted, the US Dollar bounced from the weekly support level 108.63 and is still pretty much bullish on the weekly chart, as long as the price remains above 108.63, we expect nothing but a steep rise towards 110.39. In case the price breaks above this level, then we’ll expect further momentum to the upperside towards 114.11. And on the flip side, only a break below 108.63 will attract a long term short position towards 105.25. a break below 105.25 may culminate into further movements to the lowerside towards 100.15.

Trade Recommendations:

Remain long towards 110.39.

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