The pair is in the correction.

Assumingly, a starting impetus as the first wave (i) within the third wave iii of 5 of the senior level has formed. Locally, a formation of a downward correction towards 38-50%, 123.00-122.00 has started. The critical to this scenario is the level of 124.50.

Trading tips

Short-term: sell the pair below 124.50 with the target at 123.00-122.00.

Medium-term: wait for the correction to finish and buy the pair above 120.35 with the target at 126.00-127.00.

Alternative Scenario

The breakout and consolidation above 124.50 would allow the pair to continue growing towards 126.00-127.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback