Elliott waves analysis – Sell a bounce from the Evelopes trend indicator with your ideal target at 108.

USDJPY – Down

Sell a bounce from the Evelopes trend indicator with your ideal target at 108.

Wave Analysis

The dominant trend on this pair is downwards. The the bars of the MACD oscillator are below the level 0.00. As we mentioned previously, while the price remains below the trend indicator, envelopes and also the columns of MACD below 0.00, we expect nothing but a possible steep decline towards 110.05. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lower side and should head towards 108.00 or even lower. As it is on the hourly chart attached, only sell positions looks more ideal and can be recommended.

Trade Recommendations:

Sell a bounce from the Envelopes trend indicator with your ideal target at 108.

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