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.

USD/JPY: Wave analysis and forecast for 08/06/2018 – 15/06/2018

USD/JPY: Wave analysis and forecast for 08/06/2018 – 15/06/2018

USD/JPY: Wave analysis and forecast for 08/06/2018 – 15/06/2018

USD/JPY: Wave analysis and forecast for 08/06/2018 – 15/06/2018

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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