Elliott waves analysis – We’re long as long as the price is above the upper trendline.

USDJPY – Down

We're long as long as the price is above the upper trendline.

Wave Analysis

Since the previous week, nothing much happened on this pair. The Us Dollar continues to consolidate within the rising channel formation but is very bullish. As we mentioned in our previous forecasts, while the price remains above the lower trendline and also above 108.560, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should break above the upper trendline towards 114.00.

Trade Recommendations:

We’re long as long as the price is above the upper trendline.

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