Elliott waves analysis – We are long.

USDJPY – Down

Wave Analysis:

Previously, the price rallied around the lower trendline for a while, and ended up rebounding to the impulsive wave cycle three, it then bounced back to the lower trendline at the corrective wave cycle four. As at now the price is on the lower trendline, I expect a rebound towards the upper side around 140.35 in continuation of the impulsive wave cycle five. If you are looking at this pair right now, pick a buy from 138.30 towards 140.35.Unless the price breaks below the lower trendline clearly then we remain buyers.

Trade Recommendations:

We are long.

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