Elliott waves analysis – We’re short as long as the price is below the immediate trendline.

USDJPY – Down

We're short as long as the price is below the immediate trendline.

Wave Analysis

During the previous trading day, the US Dollar rallied intensely to the lowerside and even went below the supportive trendline, as we said earlier, as long as the price remains below this trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 111.75 towards 110.50. If this final target is broken, then further momentum even lower is expected towards 108.25 or even lower to 100.00.

Trade Recommendations:

We’re short as long as the price is below the immediate trendline.

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