The pair is expected to decline.

Apparently, a zigzag within the fourth wave (4) continues to form. Apparently, a local correction within wave (ii) has continued, taking a shape of the abc plane. If the presumption is correct, it's logical to expect the correction to finish soon and then the pair will continue to drop to the levels 117.70-116.80.

Trading tips

Sell the pair below a level of 119.25 with the targets at 117.70-116.80.

Alternative scenario

Breakout and consolidation above the level of 120.84 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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