The pair continues to decline.

The formation of the zigzag (a)(b)(c) continues in the wave а of 4. Locally, the wave (с) is being developed. Within which the wave iii of (c) seems to be formed. If this assumption is correct and the price does not break down the critical level 120.09, it makes sense to expect that the pair will continue to decline to 116.80.

Trading tips

Sell the pair from correction below the level of 120.09 with the target of 116.80.

Alternative scenario

Breakdown and consolidation of the price above the level of 120.09 will enable the price to continue growth up to 121.0 – 122.0.

USD/JPY: wave analysis

USD/JPY: wave analysis

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