The USD/JPY pair is under correction, still likely to fall. Estimated pivot point is at a level of 110.75.

Main scenario: short positions will be relevant from corrections below the level of 110.75 with a target of 109.21 – 108.81.

Alternative scenario: Breakout and consolidation above the level of 110.75 will allow the pair to continue rising to a level of 111.40 and higher.

Analysis: Supposedly, the wave B of senior level is developing within the daily timeframe, with the wave (C) of B starting to develop inside. In the 4-hour time frame, a counter-trend impetus is formed as wave 1 of (C), a correction wave 2 of (C) is completed and the first wave of junior level i of 3 is formed. A downward correction is developing as wave ii of 3 in the form of plane (a)(b)(c). If this presumption is correct, the pair will continue to fall to 109.20 – 108.80. The level 110.75 is critical in this scenario.

USD/JPY: Wave analysis and forecast for 22/06/2018 – 29/06/2018

USD/JPY: Wave analysis and forecast for 22/06/2018 – 29/06/2018

USD/JPY: Wave analysis and forecast for 22/06/2018 – 29/06/2018

USD/JPY: Wave analysis and forecast for 22/06/2018 – 29/06/2018

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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