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11 January 2019, USD/JPY

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Wave Analysis

According to the weekly chart attached, the US Dollar is currently below a significant weekly support level 108.53. This is a key level and unless the price close below it, we choose to remain on the sidelines. Our expectations is that the price should close above this level to pick a long position, but should the price close below 108.53 by the end of this week, then we're possibly headed to the lowerside with an ultimate target at 104.40. On its way downwards, the key levels to look for are 106.90 and the previous week's lowest low.

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Graham Osano
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