The USD/JPY rate is still likely to grow. Estimated pivot point is at a level of 111.60.

Main scenario: long positions will be relevant from corrections above the level of 111.60 with a target of 115.00 – 116.50.

Alternative scenario: Breakout and consolidation below the level of 111.60 will allow the pair to continue falling to the level of 109.76.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably the wave 3 of (C) is developing, with the wave i of 3 forming inside. Apparently, a local correction of junior level in the form of wave (iv) of i finished forming on the H1 time frame and the wave (v) of i started developing. If the presumption is correct, the pair will continue rising to the levels of 115.00 – 116.50. The level 111.60 is critical in this scenario.

P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 02/11/2018 – 09/11/2018

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.

Need to ask the author a question? Please, use the Comments section below. .
Start Trading
Follow us in social networks!
Live Chat
Leave feedback