The pair USD/JPY is still likely to fall. Estimated pivot point is at a level of 112.14.

Main scenario: short positions will be relevant from corrections below the level of 112.14 with a target of 109.35 – 108.15.

Alternative scenario: Breakout and consolidation below the level of 112.14 will allow the pair to continue rising to a level of 113.22.

Analysis: Supposedly, the wave B of senior level is developing on the daily timeframe, with the wave (C) of B developing inside the wave B. Supposedly, a local correction continues forming in the form of wave 2 of C taking a shape of an irregular plane on the 4-hour time frame. On the 1H time frame, the wave c of 2 is forming now, with the wave (iii) of c of junior level developing within. If the presumption is correct, the pair will continue to drop to the levels 109.35 – 108.15. The level 112.14 is critical in this scenario.

USD/JPY: Wave analysis and forecast for 10/08/2018 – 17/08/2018

USD/JPY: Wave analysis and forecast for 10/08/2018 – 17/08/2018

USD/JPY: Wave analysis and forecast for 10/08/2018 – 17/08/2018

Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 10/08/2018 – 17/08/2018

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.

Need to ask the author a question? Please, use the Comments section below. .
Start Trading
Follow us in social networks!
Live Chat
Leave feedback