Elliott waves analysis – We’re buyers

USDJPY – Down

USDJPY has been on a downtrend since last week. The market moved in the form of a descending channel from major wave (I),138.43, to (130.46). As we can see on the chart above, the price has already broken above the upper trendline of this descending channel. This is a clear sign that the trend has changed and now the bulls are in control. Again at (130.42), the market has formed a double bottom which is a bullish pattern. I expect this pair to buy from this double bottom (130.42) up to around,135.14

Trade Recommendations

We’re long

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