Elliott waves analysis – You can wait and sell the US Dollar below 110.30 towards 108.00.

USDJPY – Down

You can wait and sell the US Dollar below 110.30 towards 108.00.

Wave Analysis

The US Dollar went slightly lower than expected and is now below the Envelopes indicator, this is perfectly in line with the overall downtrend seen on the weekly chart, therefore, as long as the price remains below Envelopes Moving Averages, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally will be the continuation of the last impulsive wave (5) to the lowerside and should break below 110.30 before a move further to the lowerside is seen with the next ideal target being 108.00.

Trade Recommendations:

You can wait and sell the US Dollar below 110.30 towards 108.00.

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