The pair is under correction.

The bearish correction of senior wave level continues to form as wave 4, within which the wave a has started to form as zigzag (a)(b)(c).  Apparently, the fifth wave (c) has started to develop locally. If this assumption is correct and the price does not break the critical level 120.83, the pair will logically continue to decline to the level of 116.80.

Trading tips

Sell the pair from correction below the level of 120.83 with a target at 116.80.

Alternative scenario

Breakdown and consolidation below the level of 120.83 will allow the pair to continue rising to a level of 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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