A decline is possible.

Assumingly, an upward correction as wave B within the fourth wave (4) has finished forming. At present, wave C of the senior level seems to be forming, within which, assumingly, a staring impulse (i) is forming. A critical for this scenario is the level of 123.74.

Trading tips

Sell the pair from corrections, below the level of 123.74 with the target at 121.00-120.00.

Alternative scenario

The breakout and consolidation above the level of 123.74 would allow the pair to continue growing to 124.50 and, probably, higher.

USD/JPY: wave analysis

USD/JPY: wave analysis

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