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




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



Follow us in social networks!
Live Chat
Leave feedback