The pair USD/JPY is still likely to grow

Estimated pivot point is at a level of 110.35

Main scenario: long positions will be relevant above the level of 110.35 with a target of 113.22 – 115.50.

Alternative scenario:breakout and consolidation below the level of 110.35 will allow the pair to continue declining to a level of 108.09.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably a local correction finished forming in the form of wave 2 of (C) that took a shape of an irregular plane, and the wave 3 of (C) started developing, with the wave i of 3 forming inside. Apparently, a local correction (ii) of i  has finished on the 1-hour time frame, and the third wave (iii) of i of junior level is developing at the moment. If the presumption is correct, the pair will continue to rise to the levels of 113.22 – 115.50. The level 110.35 is critical in this scenario.

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Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 14/09/2018 – 21/09/2018

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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