The pair is expected to decline.

Supposedly, a correction has stopped developing in a form of the second wave ii that looks like a plane (a)(b)(c). Apparently, the third wave iii has started to develop locally. If this assumption is correct, the pair will go on declining to a level of 120.35. The level of 124.00 is critical in this scenario as the breakout will result in a further growth of the pair.

Trading tips

Sell the pair from corrections below the level of 124.00 with a target at 120.00–119.00.

Alternative scenario

Breakout and consolidation above the level of 124.00 will allow the pair to continue the rise up to the levels of 126.00–126.50.

USD/JPY: wave analysis

USD/JPY: wave analysis

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