Correction continues

Presumably, a local correction continues to develop in a form of fourth wave 4 which, apparently, is taking the shape of a triangle. A wave d of 4 is forming locally. If the assumption is correct, upon its completion, another wave e of 4 will move downwards to a level of 118.63.  The level of 120.84 is critical in this scenario as the breakout will enable the pair to continue rising to a level of 122.00.

Trading tips

Sell the pair below the level of 120.84 with a target at 118.60.

Alternative scenario

Breakout and consolidation above the level of 120.84 will allow the pair to continue rising to the level of 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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