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.

USD/JPY: Wave analysis and forecast for 26/10/2018 – 02/11/2018

USD/JPY: Wave analysis and forecast for 26/10/2018 – 02/11/2018

USD/JPY: Wave analysis and forecast for 26/10/2018 – 02/11/2018


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Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 26/10/2018 – 02/11/2018

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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