Elliott waves analysis – USDJPY. Rebuy US Dollar from 107.90

USDJPY – Down

USDJPY. Rebuy US Dollar from 107.90

Wave Analysis

the US Dollar is currently trading above a key resistance level 107.90. We’re still upwards with the position we took during the previous trading day, and while the price is above this level, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should break above 109.15 towards 110.20 or even higher. An on the flip side, should price break below 107.90, then this will be the ideal place to look for a long term sell order.

Trade Recommendations:

Rebuy US Dollar from 107.90

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