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Estimated pivot point is at a level of 111.87.

Main scenario: short positions will be relevant from corrections below the level of 111.87 with a target of 110.13.

Alternative scenario:breakout and consolidation above the level of  111.87 will allow the pair to continue rising to a level of 113.40.

Analysis: Supposedly, a descending correction in the form of the wave 2 of senior level continues developing within the 4-hour time frame. Apparently, the wave c of 2 is now developing locally. If this assumption is correct, the pair will continue to  drop to 110.13. The level 111.87 may be critical in this scenario.

USD/JPY  Wave analysis and forecast for 12.01 – 19.01

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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