Correction continues

The pair continues to fall and the wave level of the current correction should be raised. Apparently, a bullish impetus in the third wave 3 has finished on the daily time-frame by now. The fourth wave 4 is forming locally. If this assumption is correct and the price does not break the critical level 121.96, the pair will continue to decline to a level of 116.80.

Trading tips

Sell the pair from correction below a level of 121.96 with a target at 116.80.

Alternative scenario:

Breakdown and consolidation below the level of 121.96 will allow the pair to continue rising to a level of 124.00.

USD/JPY: Wave analysis

USD/JPY: Wave analysis

USD/JPY: Wave analysis

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