Elliott waves analysis – Wait for either a break above 109.884 or a break below 108.541 to pick a a buy above 109.884 or a sell below 108.541.

USDJPY – Down

Wave Analysis

Despite the previous forecast that this pair could spike to the upper side, the Us Dollar is still within the weekly range, not going above 109.884 or below 108.541. While the price is within this range, we’re trading reversals, but should the price break below 108.541, then we’ll expect a possible steep decline towards 104.340. And on the other hand, should the price break above 109.844, then this will be a good buy place towards 117.949. On its way upwards, the key lines to check for include 112.340, and the next at 114.133.

Trade Recommendations:

Wait for either a break above 109.884 or a break below 108.541 to pick a a buy above 109.884 or a sell below 108.541.

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