Elliott waves analysis – Sell a bounce from the immediate trendline with your first take profit at 108.55.

USDJPY – Down

Sell a bounce from the immediate trendline with your first take profit at 108.55.

Wave Analysis

Previously, the US dollar went below the confinement, indicated above. According to our previous forecasts, while the price remains below the lower trendline, we expect nothing but a possible momentum to the lowerside. The idea here is to well a bounce from the now immediate supportive trendline. With this sell position, we expect to tale profit from around 108.55, and if this support is broken, then further momentum towards 108.15 is expected. This view can only be invalidated in case the price break above 109. If this is the case, then further momentum upwards is expected.

Trade Recommendations:

Sell a bounce from the immediate trendline with your first take profit at 108.55.

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