The ascending trend for the USD/JPY price continues. Estimated pivot point is at a level of 111.77.
Main scenario: long positions are relevant from corrections above the level of 111.77 with a target of 113.95 – 115.50.
Alternative scenario: breakout and consolidation below the level of 111.77 will allow the USD/JPY price to continue declining to the levels at 110.78 – 109.35.
Analysis: Supposedly, the wave B of senior level is developing on the daily timeframe, with the wave (C) of B starting to develop inside the wave B. In the 4-hour time frame, the third wave iii of 3 of is developing. In the 1-hour timeframe, an ascending momentum as the third wave of junior level (iii) of iii is complete. If the presumption is correct, the pair rate will continue rising to the levels of 113.95 – 115.50. The level 111.77 is critical in this scenario.
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.