Elliott waves analysis – Wait for a correction to pick short position

USDJPY – Down

Wait for a correction to pick short position

Wave Analysis

During the previous trading day, the US Dollar rallied further to the lower side and even closed below the supportive trendline and is still pretty much below this line, As we mentioned in our previous forecast, as long as the price remains below this level, we expect nothing but a possible momentum to the lowerside. Ideally, if the weekly chart can close the way it is, then this could be a good sign that we’re short with an ultimate target at 110.00. The anticipated wave count is the continuation of an impulsive wave count to the lower side and should first break below 110.95.

Trade Recommendation:

Wait for a correction towards the upper immediate trendline to pick a short position with your target at 110.00.

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