Intraday Elliottwave Analysis: USDJPY, Beware a small top formation below 110.90

Yue Wang LinoCapital

USDJPY reached 110.37 in Asia market.

Daily oscillators already cross-over from the top of their range.

Below 110.90, we could not rule out a small top formation.

If so, today will not touch or close above 111.19.

Above here, will challenge another leg higher toward 111.70/95, or even 112.59.

We should be cautious before Fed Minutes released.

Daily support Levels: 110.29 110.24 110.14 109.94 109.66

Daily resistance Levels: 110.70 110.90 111.12 111.46 111.70 111.95

Intraday Trade Idea: (spot 110.47)

Sell Limit @ 111.55 SL @ 111.81 Take Profit @ 111.37

Buy Limit @ 109.94 SL @ 109.82 Take Profit @ 110.24

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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