Ascending trend for the pair USD/JPY continues. Estimated pivot point is at a level of 110.57.
Main scenario: long positions will be relevant above the level of 110.57 with a target of 113.22 – 115.50.
Alternative scenario: breakout and consolidation below the level of 110.57 will allow the pair to continue declining to the levels at 109.35 – 108.15.
Analysis: Supposedly, the wave B of senior level is developing within the daily timeframe, with the wave (C) of B starting to develop inside the wave B. Supposedly, a local correction finished forming in the form of wave 2 of C that took a shape of an irregular plane on the 4-hour time frame. A downward impetus is completed as wave c of 2 of junior level on the 1H time frame. If the presumption is correct, the pair will resume rising to the levels of 113.22 – 115.50. The level 110.57 is critical in this scenario.
Price chart of USDJPY in real time mode
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