Elliott waves analysis – Sell the US Dollar with your take profit at 107.570.

USDJPY – Down

Sell the US Dollar with your take profit at 107.570.

Wave Analysis

After reaching the highs of 109.180, the US Dollar bounced off from this level and is currently heading to the lowerside. We expect this bounce to have marked an end to the previous impulsive five wave cycle that the current bearish price rally is the continuation of the corrective three wave cycle and should break below 108.260 towards 106.875. This view remain valid as long as the price is below the previous day’s highest high. But should the price break above the previous day’s highest, then this will push the price to the upperside.

Trade Recommendations:

Sell the US Dollar with your take profit at 107.570.

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