A short-term downward trend is strong.

Assumingly, a zigzag as wave A of (4) continues developing. Locally, a correction as wave b of A, which is taking the shape of a triangle, seems to be forming. If the assumption is correct, after the correction, the pair continues declining within wave c of A towards 115.00-114.00. A critical for this scenario is the level of 121.35.

Trading tips

Sell the pair below the level of 121.35 with targets at 115.00-114.00.

Alternative scenario

The breakout and consolidation above the level of 121.35 would allow the pair to grow to 123.60.

USD/JPY: wave analysis

USD/JPY: wave analysis

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