Intraday Elliottwave Analysis: USDJPY, too early to call a major trend reversal

Yue Wang LinoCapital

USDJPY declined 2 big figures from recent high.

As we discussed, below 110.90, a near term top is formed.

However, it is still in weekly buy mode according to my system.

Close below 108.61 will indicate the uptrend is over.

We'll try intraday short term trade and wait for better directional opportunities.

Daily support Levels: 109.05 108.85 108.52 108.19

Daily resistance Levels: 109.65 109.88 110.14 110.24 110.59

Intraday Trade Idea: (spot 109.55)

1. Sell Limit @ 110.21 SL @ 110.35 Take Profit @ 109.88

2. Buy Limit @ 109.05 SL @ 108.80 Take Profit @ 110.11

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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