A decline is expected.

Assumingly, a formation of a triangle within wave b of A of (4) of an expected zigzag continues. Locally, last wave (e) of b seems to be nearing the end. If the assumption is correct, a decline towards the target level of 115.00 resumes in the short term. A critical for this scenario is the level of 121.25.

Trading tips

Sell the pair below the level of 119.60 with the target at 115.00.

Alternative scenario

The breakout and consolidation above the level of 121.25 would allow the pair to grow to 123.60.

USD/JPY: wave analysis

USD/JPY: wave analysis

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