USD/JPY may test 109 -108 level

USD trades higher as stocks slide.
JPY moves south following not changes in rates from BOJ.
USDJPY may test 109 -108.

Gregor Horvat Wavetraders

The USD is rallying as stocks came slightly lower. JPY is also moving south following no change in rates from BOJ.

As per Elliott Wave analysis USDJPY remains bearish at least for that third leg C)/3) after we noticed a corrective movement in wave B)/2), so watch out for more intraday weakness towards projected 109 - 108, maybe even 107 area in case of a bigger sell-off as part of irregular flat correction.

USD/JPY 4h Elliott Wave analysis chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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