Elliott waves analysis – This month, look for low risk buy orders from last months lowest low.

USDJPY – Down

This month, look for low risk buy orders from last months lowest low.

Wave Analysis On the monthly chart attached, the US Dollar is currently trading within a triangular formation. As long as the price remains within this shape formation, we choose to trade reversals. We’re waiting to sell a bounce from the upper trendline and s]a bounce from the level 106.10 to pick a long term buy. The fact that the previous months candle failed to close below the monthly support level 106.10 is a good sign to look for buy orders this month. The idea is not to look for a buy now, rather wait for a pullback towards last months lowest low to pick a low risk buy. Trade Recommendations. This month, look for low risk buy orders from last months lowest low.

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