Elliott waves analysis – Sell a bounce from the upper trendline towards 108.345.

USDJPY – Down

Sell a bounce from the upper trendline towards 108.345.

Wave Analysis

According to the 4 hours chart attached, the US Dollar is currently rallying within a declining channel formation. On the 4 hours chart attached, I’m expecting a possible bounce from the upper trendline to pick a long term sell order towards 108.345. This view is valid as long as the price remains within this shape formation, if price breaks above the upper trendline, then this will be a good sign that we’re continuing to the upper side with the nest ideal take profit being 110.00 and could breakout higher towards 114.00.

Trade Recommendations:

Sell a bounce from the upper trendline towards 108.345.

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