Elliott waves analysis – We’re buyers

USDJPY – Down

Wave Analysis

USDJPY is currently forming the minor corrective 3 waves pattern, the market hit the major wave V at 127.238 which marked the end of the major impulsive wave. At 127.949, which is also our minor corrective wave b the market has formed a double bottom, This indicates a buy signal. I expect the market to buy from where it is now which is 128.359 to around 131.028. Should the market fail to buy and instead breaks below major wave V,127.242, the setup will be invalidated and we will be now looking for selling opportunities.

Trade Recommendation:

We’re buyers

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