The pair USD/JPY remains likely to fall. The estimated pivot point is at a level of 111.76.
Main scenario: short positions should be considered from corrections below the level of 111.76 with a target of 101.08 – 98.73.
Alternative scenario:breakout and consolidation above the level of 111.76 will allow the pair to continue rising to the levels of 114.53 – 118.00.
Analysis: On the daily time frame, supposedly, a big horizontal correction finished forming as a triangle-shaped wave (В) of B. On the H4 time frame, wave (С) of B started developing, with the first wave i of 1 of (C) formed and a local correction completed in the form of wave ii of 1 of (C) inside. Apparently, wave iii of 1 of (C) is starting to develop on the H1 time frame. If this assumption is correct, the pair will continue to drop to 101.08 – 98.73. The level of 111.76 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 114.53 – 118.00.
USD/JPY 1 Hour Chart
Source
Copying/Pasting full or partial texts without adding anything original is frowned upon by the community. Repeated copy/paste posts could be considered spam. Spam is discouraged by the community and may result in the account being Blacklisted.
If you believe this comment is in error, please contact us in #disputes on Discord