Elliott waves analysis – We’re waiting to buy a break above the previous week’s highest high.

USDJPY – Down

Wave Analysis:

The US Dollar is stilll strugling around the previous month’s highest high. On this chart, we expect a possible extension of the last impulsive wave (5) to the upperside and should see the price rally much higher towards 149.90 and may likely continue much higher. On this chart, if the price bounces off from the previous month’s highest high, then this will be a good place to consider a possible sell retracement.

Trade Recommendations:

We’re waiting to buy a break above the previous week’s highest high.

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