Elliott waves analysis – We’re on a short term sell

USDJPY – Down

USDJPY is currently on an uptrend. The market is moving in the form of an impulsive 5-wave pattern. The market is currently at major wave III,131.098, I expect the market to correct from this level (131.098) up to around,131.673, we will mark this level; as our major wave, IV,.From, 131.673, which is likely to be our major wave IV, I expect the market to move impulsively to the upside up to around 132.057, we will mark this level as our Major wave V. Should the market break above,131.185, the setup will be invalidated. For now, we wait for the market t correct up to around 131.673, then we place buy orders.

Trade Recommendation:

We’re on a short term sell

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