Elliott waves analysis – Resell the US Dollar from 108.74 with your take profit at 104.850.

USDJPY – Down

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Wave Analysis:

Currently, the US Dollar is trading around 108. This is still below a weekly support level 108.550, as long as the price does not break above 108.550, we expect this pair to continue to plummet and should break below last week’s lowest low towards 104.850 or even lower. This is according to a higher timeframe and from the daily chart, (shown below), we’re also waiting for a possible sell especially is the price can pullback towards 108.74. If this is the case, then we’ll look for a possible long term sell towards 104.850.

Resell the US Dollar from 108.74 with your take profit at 104.850.

Trade Recommendations

Resell the US Dollar from 108.74 with your take profit at 104.850.

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