Elliott waves analysis – Sell USDJPY now towards 106.730.

USDJPY – Down

Sell USDJPY now towards 106.730.

Wave Analysis:

Late last week the US Dollar went below the supportive trendline and is still pretty much below this line. This is a possible bears dominance situation and as long as the price remains below this trendline, we expect a possible steep decline towards 108.25. According to the current chart set up and structure, you could pick a sell position now, have your first take profit at 108.480 and the next at 106.730.So far, we expect the break below the wedge to have marked an end to the corrective three wave cycle and we could be headed even lower.

Trade Recommendations:

Sell USDJPY now towards 106.730.

BECOME FRESHFOREX ANALYST!

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