The pair continues to decline.

The formation of the “bearish” correction of the senior wave level as the wave 4 continues. Within this wave a wave in the shape of a zigzag (a)(b)(c) is being formed. Locally, it seems that the wave (c) is being developed. If this assumption is correct and the price does not break down the critical level of 120.83, it makes sense to expect that the decline in the pair will continue up to 116.80.

Trading tips

Sell the pair from correction below the level of 119.27 with the target of 116.80.

Alternative scenario

Breakdown and consolidation of the price above the level of 119.27 will make it possible for the pair to continue the rise up to 120.00 as part of the local correction.

USD/JPY: wave analysis

USD/JPY: wave analysis

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