Elliott waves analysis – Sell a rejection from the zone 103.401 towards 107.775.

USDJPY – Down

Sell a rejection from 109.401-109.225 towards 107.775.

Wave Analysis

As long as the price is held below the zone 103.401-109.225, we are looking for long term sell position. The anticipated bearish price rally is the continuation of an impulsive wave (c) to the lowerside and should break below 107.775 towards 106.155 and may extend much lower. And in case the price break above 103.401, then this will be a good place to consider a possible long term buy position towards 110.610 towards 114.00 and may extend much higher towards 116.00 or even higher.

Trade Recommendations:

Sell a rejection from the zone 103.401 towards 107.775.

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