An upward trend is strong. 

Assumingly, a local correction in the form of wave (ii) that reached the correctional level 38% is finished. Locally, most likely the third wave (iii) is forming, within which the first and the second waves have formed. If the assumption is correct and the price does not break down a critical level of 123.50, the pair continues growing towards 126.50, 127.00. Otherwise, the correction continues towards 50% or 62%.  

Trading tips 

Buy the pair above the level of 123.50 with targets at 126.50, 127.00.  

Alternative scenario 

The breakdown and consolidation below the level of 123.50 would allow the pair to fall to 122.40, 121.90.

USD/JPY: wave analysis

USD/JPY: wave analysis

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