The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 110.33.
Main scenario: long positions will be relevant above the level of 110.33 with a target of 115.00 – 116.50.
Alternative scenario: breakout and consolidation below the level of 110.33 will allow the pair to continue declining to a level of 108.06.
Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably the wave 3 of (C) is developing, with the wave i of 3 forming inside. Apparently on the H1 time frame, the local correction of junior level finished developing in the form of wave (iv) of i. If this assumption is correct, the pair will continue to rise to 115.00 – 116.50. The level 110.33 is critical in this scenario.
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Price chart of USDJPY in real time mode
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