The pair USD/JPY is still likely to fall. Estimated pivot point is at a level of 112.19.
Main scenario: short positions will be relevant from corrections below the level of 112.19 with a target of 109.50 – 108.33.
Alternative scenario: breakout and consolidation above the level of 112.19 will allow the pair to continue rising to a level of 113.66.
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 is developing on the H1 time frame, with the third wave of junior level (iii) of c forming inside. If the presumption is correct, the pair will continue to drop to the levels 109.50 – 108.33. The level 112.19 is critical in this scenario.
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Price chart of USDJPY in real time mode
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