The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 108.11.
Main scenario: long positions will be relevant from corrections above the level of 108.11 with a target of 111.40.
Alternative scenario: Breakout and consolidation below the level of 108.11 will allow the pair to continue declining to a level of 107.22.
Analysis: Supposedly, an ascending impetus has been formed within the 4-hour time frame as the first wave of senior level 1 of (C). Apparently, a descending correction finished forming now as the second wave 2 of (C), and the wave 3 of (C) started forming, with a counter-trend impetus of junior level (i) of i of 3 formed within. If the presumption is correct, the pair will logically continue to rise to a level of 111.40. The level 108.11 is critical in this scenario.
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Price chart of USDJPY in real time mode
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