Elliott waves analysis – We’re short with our first take profit at 108.11.

USDJPY – Down

We’re short with our first take profit at 108.11.

Wave Analysis

The US Dollar is currently in a corrective mode. After reaching the highs of 108.95, this pair could not breakout higher. We expect the bounce from 108.95 to have marked an end to the previous impulsive five wave cycle, that the current bearish price rally is the continuation of a corrective wave count and should break below 108.11-108.05 towards 107.15. This view can only be invalidated in case the price breaks above the previous week’s highest high, if this is the case, then a move to the upperside is expected.
Trade Recommendations:
We’re short with our first take profit at 108.11.

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