Elliott waves analysis – Bulls in control

USDJPY – Down

Bulls in control

Wave Analysis:

The US dollar continues to rally to the upper side despite the previous forecast that it could decline towards 104.43. We expect the level 105.90 to have marked the end of the corrective wave (b) that the current bullish price movements is the unfolding of the impulsive wave (c) to the upper side and should break above 108.40 towards 114.65 or even higher to 118.45. On the daily chart above, its good to remain long, but check for a possible rebound from 108.40 to pick a short position. If you are not long already with your target being 108.40, you could wait for a break above 108.40 then pick a long position towards 114.65.

Trade Recommendations:

We’re long with the first target at 108.40 and the next target at 114.65

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.