Elliott waves analysis – We’re long towards 114.192.

USDJPY – Down

Wave Analysis

During the previous trading day, the US Dollar rallied to the upperside and is still showing signs of rallying even higher. As we mentioned in our previous forecast, as long as the price remains above the dynamic supportive indicator, we expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of both the impulsive waves v and (c) and should first break above 114.192 towards 117.883. As it is, only a buy position looks ideal, but should the price break below 111.665, then this will be a good place to look for a short position.

Trade Recommendations:

We’re long towards 114.192.

101% Double the volume

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