USD/JPY currently trading at 113.10 rose from 112.635, overall its in down channel on the weekly chart. In the previously analysed chart, we have plotted the Elliott according to the rules. Now as the target meets in short, the wave B is forming on the chart in correction. I have figured out that the target is 113.80 to 113.90. So next postion after reaching to level 113.90, there is the possibility of moving to the next corrective impulse downward to wave C .
Long at 113.00 Targets 113.80 113.90 Long Stop Loss 112.90
Short at 113.90 Targets 112.56 111.61 Short Stop Loss 114.10
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