Elliott waves analysis – We’re still bullish towards 114.15.

USDJPY – Down

We're still bullish towards 114.15.

Wave Analysis

During the previous trading day, the impulsive waves v and (c) continued to the upperside and is still pretty much bullish both on the daily and the weekly charts. As we said previously, as long as the price remains above 111.67, we expect a possible momentum to the upperside. If you’re long already, leave this position open and have your take profit at 114.19, and should the price break above this level, then we’ll wait for a retracement to the same level to pick a long term long position towards 117.88.

Trade Recommendations:

We’re still bullish towards 114.15.

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