The pair USD/JPY is still likely to fall. Estimated pivot point is at a level of 114.22.
Main scenario: short positions will be relevant from corrections below the level of 114.22 with a target of 110.65 – 109.50.
Alternative scenario: breakout and consolidation above the level of 114.22 will allow the pair to continue rising to a level of 115.50.
Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 1 of (C) formed inside. Presumably a local correction is forming as the wave 2 of (C) on the 4-hour timeframe. Apparently, the wave c of 2 started developing on H1 time frame, with the first wave of junior level i of c forming inside. If the presumption is correct, the pair will continue to drop to the levels 111.35 – 110.65. The level 114.22 is critical in this scenario.
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Price chart of USDJPY in real time mode
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