Elliott waves analysis – Wait for a clear sell signal from 111.270.

USDJPY – Down

Wait for a clear sell signal from 111.270.

Wave Analysis

Earlier this today, the US Dollar gaped below 111 but is yet to fill this gap, According to the chart attached, as long as the price remains below the upper trendline, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside with an ultimate target at 108.00. If you’re not in any position now, you could wait for a correction towards the upper Simple moving average to pick a long term short position. As it is on the hourly chart attached, only a sell position is recommended.

Trade Recommendations:

Wait for a clear sell signal from 111.270.

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