Correction has completed, the pair is likely to decline.

The formation of the zigzag (a)(b)(c) continues in the wave а of 4. Locally, it is possible that the wave (c) is being formed, within which the first and the second waves of the junior level has developed. If this assumption is correct, and the price does not break down the critical level of 120.85, the pair may continue to decline to 116.80.

Trading tips

Sell the pair below the level of 119.29 with the target of 116.80.

Alternative scenario

Breakdown and consolidation of the price above the level of 120.85 will enable the price to continue the rise up to 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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