Elliott waves analysis – Wait for a sell signal around last week’s highest.

USDJPY – Down

Wait for a sell signal around last week's highest.

Wave Analysis:

Last week, The us dollar opened at 109.741, went as high as 111.128 and as low as 108.741 , but ended up closing at 110.437 just a few pips above its opening price. The previous week’s candle is a possible sellers candle and while the price remains below the Envelopes indicator and also below the level 110.740, we expect nothing but a possible momentum to the lower side, the idea is to wait for sell around the previous week’s highest high, towards 108.541, and in case the price close above this high, then a move towards 114.131 is expected.

Trade Recommendations:

Wait for a sell signal around last week’s highest.

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