Elliott waves analysis – Wait for a buy above 110.056.

USDJPY – Down

Wave Analysis

So far, the US Dollar is still struggling below 110.056, we’re waiting for a clear breakout above 110.056 to confirm that we’re upwards with an ultimate target at 117.921. The anticipated bullish price rally is the continuation of the impulsive wave [c] to the upper side and should first breakout above 110.056 before a move towards 114.182 is seen. If the last target is broken, then further momentum even higher is expected. As it is, we’re waiting for a break above 110.056, then a retracement back to the same level to buy the impulsive wave (iii) towards 114.192.

Trade Recommendations:

Wait for a buy above 110.056.

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