Elliott waves analysis – We’re short with an ultimate target at 105.50.

USDJPY – Down

Wave Analysis

Perfectly as previously forecasted, the US Dollar rallied to the lowerside and is still very bearish both on the daily and the weekly charts. As long as the price remains below 108.00, 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 lowerside and should break below 107.87 to the lowerside towards 106.65. According to the 30 minutes chart attached, only sell positions looks more ideal and can be recommended.

Trade Recommendations:

We’re short with an ultimate target at 105.50.

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