Elliott waves analysis – Wait for a break above the previous week’s highets high to pick a buy.

USDJPY – Down

Wait for a break above the previous week's highets high to pick a buy.

Wave Analysis

After a failed attempted to sustain the break below the supportive trendline, the US Dollar pulled back upwards and is now above the same trendline. As long as then price is held above 109.50 and also above the same trendline, we expect buyers to push price to the upper side towards 110.05 or even higher. You could wait for a correction towards 109.05 to pick a low risk buy order or a break above the previous week’s highest high to confirm that we are continuing to the upper side towards 110.0.

Trade Recommendations:

Wait for a break above the previous week’s highest high to pick a buy.

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