An upward trend is strong.

Assumingly, the third wave (iii) continues forming, within which the first wave has formed and at present a local correction in a form of wave ii of (iii) is forming. If the assumption is correct and the price does not break down a critical level of 123.00, the pair continues growing towards 127.50. Otherwise, the fall continues to 122.00

Trading tips

Wait for the correction to end and buy above 123.00 with targets at 127.00, 127.50. Also, buy the pair after the breakout of the level of 125.05.

Alternative scenario

The breakdown and consolidation below the level of 123.00 would allow the pair to fall to 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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