Ascending trend for the pair USD/JPY continues Estimated pivot point is at a level of 110.58.

Main scenario: long positions will be relevant above the level of 110.58 with a target of 113.22 – 115.50.

Alternative scenario:breakout and consolidation below the level of 110.58 will allow the pair to continue declining to the levels at 109.35 – 108.15.

Analysis: Supposedly, the wave B of senior level is developing on the daily timeframe, with the wave (C) of B starting to develop inside. Supposedly, a local correction finished forming in the form of wave 2 of C that took a shape of an irregular plane on the 4-hour time frame. On the 1H time frame, a downward impetus is completed in the form of the wave c of 2 of junior level and the countertrend wave (i) of i of 3 is forming. If the presumption is correct, the pair will continue to rise to the levels of 113.22 – 115.50. The level 110.58 is critical in this scenario.


 


 



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Real-time price chart of USDJPY

USD/JPY: Wave analysis and forecast for 03/08/2018 – 10/08/2018

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.

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