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

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