An upward trend is strong.

Supposedly, a formation of the local correction in a form of wave (iii) that reached 38% correctional level is finished. Locally, a formation of the third wave (iii) has likely started. If the assumption is correct and the price does not break down a critical level of 122.97, the pair continues growing towards 126.50. If the price does break down the critical level, correction continues to 50% and 62%.

Trading tips

Buy the pair above the level of 122.97 with the target at 126.50.

Alternative scenario

The breakdown and consolidation below the level of 122.97 would allow the pair to fall to 122.40, 121.90.

USD/JPY: wave analysis

USD/JPY: wave analysis

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