Elliott waves analysis – We’re short below the supportive trendline towards 111.60.

USDJPY – Down

We're short below the supportive trendline towards 111.60.

Wave Analysis

On the 4 hour chart attached, a sell territory is seen at 112.70, As long as the price remains below this level, we expect a possible momentum to the lowerside, and should the price breakout above this level, then further momentum to the upperside is expected with an ultimate target at 113.95. If this target is broken, then further bullish rally towards 118.00 is expected. And on the bears side, a close below the supportive trendline will attract a long term short position with the first target at 111.60 and the next at 110.00.

Trade Recommendations:

We’re short below the supportive trendline towards 111.60.

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