The pair still may grow.

Assumingly, the third wave (iii) continues forming, within which the first wave has formed and a local correction as wave ii of (iii) is forming. If the assumption is correct and the price does not break though the critical level of 123.00, the pair will continue growing to 127.50 when the correction finishes. If the critical level is broken down, the pair will further fall to 122.00-120.00.

Trading tips

Buy the couple from corrections, above 123.00, with the target at 127.00-127.50.

Alternative scenario

The breakdown and consolidation below 123.00 will allow the pair to continue falling to 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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