Elliottwave Analysis: USDJPY, sell at market

Yue Wang LinoCapital

USDJPY reached 109.70 after the strong sell-off during Asia market.

The price closed below H4 lower bands, also closed below recent uptrend channel.

Although medium term trend still point up, we could not rule out an early stage of big downside movement.

Will go short against H4 upper bands and look to add if medium term trend point down.

Daily support levels: 109.70 109.41 109.18

Daily resistance levels: 109.92 110.16 110.49

USDJPY Trade Idea: (Spot 109.70)

Sell @ market SL 110.60 Take Profit @ 107.78

Intraday Trade Idea:

Sell Latentinterest Order: 110.16

Buy Latentinterest Order: 109.31

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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