A fall is expected.

Assumingly, the formation of a triangle within wave b of A of (4) of a supposed zigzag has finished. Locally, the development of wave c of A has started, within which a starting impetus (i) and a correction shaped as irregular (ii) formed. If the assumption is correct and the price does not break out the critical level at 120.35, the pair is going to fall to 117.00 within the third wave (iii) of c of A.

Trading tips

Sell the pair below the level of 120.35 with the target at 117.00.

Alternative scenario

The breakout and consolidation above the level of 120.35 would allow the pair to grow to 121.00, 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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