Elliott waves analysis – We’re long towards 114.046.

USDJPY – Down

We're long towards 114.046.

Wave Analysis

Perfectly as we forecasted a fortnight ago, the US Dollar rallied a higher and even went above the short term resistance line 111.080 and is still pretty much above this line. As long as this level protects the lowerside, we expect a possible rally to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (c) and should not go beyond the major resistance level 114.046. However, should this level be broken, then a rally further to the upperside will be expected.

Trade Recommendations:

We’re long towards 114.046.

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We're long towards 114.046.

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