The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 111.60.
Main scenario: long positions will be relevant above the level of 111.60 with a target of 115.00 – 116.50.
Alternative scenario: breakout and consolidation below the level of 111.60 will allow the pair to continue declining to a level of 109.76.
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, a local correction of junior level in the form of wave (iv) of i finished forming on the H1 time frame and the wave (v) of i started developing. If the presumption is correct, the pair will continue to rise to the levels of 115.00 – 116.50. The level 111.60 is critical in this scenario.
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Price chart of USDJPY in real time mode
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