Elliott waves analysis – Sellers eyeing 108.43.

USDJPY – Down

Sellers eyeing 108.43.

Wave Analysis:

The US dollar continues to correct itself to the upper side despite the previous forecast that it could decline towards 104.43. Our target is still fixed at 104.43, however, if the price can pullback massively, then we’ll book our profits before picking another sell around 108.40. On the daily chart above, further movements to the upper side is expected towards 108.43 which is a potential sell place. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.

Trade Recommendations:

Wait for a possible sell upon a rebound from 108.43.

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