The pair is likely to decline.

Presumably, the formation of the wave C of the zigzag continues in the fourth wave of the senior level. At the moment, it seems that the formation of the local correction in the wave (ii) has completed. If this assumption is correct, it is likely that the pair will continue to decline to 117.70-116.80 in the third wave (iii).

 

Trading tips

Sell the pair below the level of 120.50 with the target of 117.70-116.80.

Alternative scenario

Breakdown and consolidation of the price above the level of 120.50 will enable the pair to continue the rise up to 122.00.

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.



!-- Go to www.addthis.com/dashboard to customize your tools -->