Elliott waves analysis – We’re short towards 101.550.

USDJPY – Down

We're short towards 101.550.

Wave Analysis

On the monthly chart attached, the US Dollar is trading within a contracting triangular formation. As long as the price remains above 101.550-99.785, and below the upper trendline, we’re trading reversals, a clear breakout above the upper trend will push the price to the upperside. Basically, the highest we expect the dollar to go by the end of this year is around 124.990. And on the flip side, should the price break below 101.550, then we’ll wait for another break below 99.785 to confirm that we’re downwards towards 74.910.

Trade Recommendations:

We’re short towards 101.550.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.