Elliott waves analysis – We’re still long towards 114.541.

USDJPY – Down

We're still long towards 114.541.

Wave Analysis

After bouncing from both the dynamic Support, Envelope and the weekly support level 111.665, the US Dollar headed straight to the upper side and is still pretty much bullish both on the weekly and the monthly charts, as long as the price remains above 111.665, we expect a possible momentum to the upper side. The anticipated bullish price rally is the continuation of both the impulsive waves v and (c) and should break above 114.541, if this is the case, then further momentum towards 117.883 is expected.

Trade Recommendations:

We’re still long towards 114.541.

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