Elliott waves analysis – Wait for a possible buy around 112.195.

USDJPY – Down

Wave Analysis:
On this chart, we’re seeing a weekly support at 112.195. We expect the bounce from 112.195 to have marked an end to the corrective wave (iv), that any clear move to the upper side will be unfolding of the last impulsive wave (5) to the upper side and should break above 114.197 towards 118.795 or even higher. This view can only be invalidated in case the price break below 112.195, if this is the case, then we’ll expect an acceleration to the lower side with an ultimate target at 108.531.
Trade Recommendations:
Wait for a possible buy around 112.195.

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