Elliott waves analysis – USDJPY. While the price is above 107.898, look for low risk buy orders towards 109.265.

USDJPY – Down

USDJPY. While the price is above 107.898, look for low risk buy orders towards 109.265.

Wave Analysis

Yesterday, instead of continuing to the lowerside, the US Dollar pulled back upwards and is currently rallying above 107.898. This is a key level and a potential buy place, thus, as long as this level shields price from breaking into the lowerside, we expect nothing but a possible momentum to the upperside. We may only consider a sell should price again breakout below the same level 107.898, if this is true, then a bearish price rally is expected with the next ideal target being 104.33. A buy from 107.898 may push price upwards towards 109.935.

Trade Recommendations:

While the price is above 107.898, look for low risk buy orders towards 109.265.

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