The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.35.

Main scenario: long positions will be relevant from corrections above the level of 109.35 with a target of 111.40 – 112.60.

Alternative scenario: breakout and consolidation below the level of 109.35 will allow the pair to continue declining to the levels at 108.81 – 108.00.

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. In the 4-hour time frame, a counter-trend impetus is formed as wave1 of (C), a correction wave 2 of (C) is completed and the first wave of junior level i of 3 is formed. A descending correction is completed as the wave ii of 3 in the form of plane (a)(b)(c) and the third wave iii of 3 started developing in the 1-hour frame. If the presumption is correct, the pair will continue to rise to the levels 111.40 – 112.60 and higher. The level 109.35 is critical in this scenario.

USD/JPY: Wave analysis and forecast for 29/06/2018 – 06/07/2018

USD/JPY: Wave analysis and forecast for 29/06/2018 – 06/07/2018

USD/JPY: Wave analysis and forecast for 29/06/2018 – 06/07/2018

USD/JPY: Wave analysis and forecast for 29/06/2018 – 06/07/2018

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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