The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.89.
Main scenario: long positions will be relevant from corrections above the level of 109.89 with a target of 111.40.
Alternative scenario: breakout and consolidation below the level of 109.89 will allow the pair to continue declining to the levels at 109.18 – 108.37.
Analysis: Supposedly, an ascending impetus has been formed within the 4-hour time frame as the first wave of senior level 1 of (C) and a local correction 2 of (C) has come to an end. Apparently, the wave 3 of (C) started forming now, with the first wave of junior level i of 3 forming inside. If the presumption is correct, the pair will logically continue to rise to a level of 111.40. The level 109.89 is critical in this scenario.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
Price chart of USDJPY in real time mode
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.