The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.74

Main scenario: long positions will be relevant above the level of 109.74 with a target of 113.22 – 115.50.

Alternative scenario: breakout and consolidation below the level of 109.74 will allow the pair to continue declining to a level of 108.09.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably a local correction finished forming in the form of wave 2 of (C) that took a shape of an irregular plane, and the wave 3 of (C) started developing. The first counter-trend wave of junior level (i) of i of 3 has formed and the local correction (ii) of i is nearing completion on H1 time frame. If the presumption is correct, the pair will continue to rise to the levels of 113.22 – 115.50. The level 109.74 is critical in this scenario.

USD/JPY: Wave analysis and forecast for 07/09/2018 – 14/09/2018

USD/JPY: Wave analysis and forecast for 07/09/2018 – 14/09/2018

USD/JPY: Wave analysis and forecast for 07/09/2018 – 14/09/2018

Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 07/09/2018 – 14/09/2018

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