Elliott waves analysis – Remain short towards 107.530.

USDJPY – Down

Wave Analysis

We sold the impulsive wave (v) after the end of the corrective wave (iv) around 109.650. With this sell order, we expect further rally to the lowerside towards 108.578. If thus target is broken, then we expect a steep drop towards 106.680. Only a bounce from 108.579 will mean we’re waiting for a sign that we’re upwards. According to the chart above, we’re still sellers but only up to 107.530, this is a weekly support level and should price break below it, then we’re heading even lower towards the next key level 106.

Trade Recommendations:

Remain short towards 107.530.

BECOME FRESHFOREX ANALYST!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.