The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 108.47.

Main scenario: long positions will be relevant from corrections above the level of 108.47 with a target of 110.80 – 111.42. 

Alternative scenario: Breakout and consolidation below the level of  108.47 will allow the pair to continue declining to the levels of 106.20 – 104.50. 

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as the wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) is forming at the moment. Apparently, the correction (iv) of i has finished forming on the H1 time frame, and the wave (v) of i is developing at the moment. If the presumption is correct, the pair will continue to rise to the levels of 110.80 – 111.42. The level  108.47 is critical in this scenario.

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Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 08/02/2019 – 15/02/2019

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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