A decline is still possible.

Assumingly, an upward impulse within wave c of B of 4 has finished forming. At present, wave C of the senior level seems to have started forming within which, assumingly, a starting wave (i) is forming. If the assumption is correct and the price does not break out the critical level of 123.54, the pair continues declining towards 122.00-121.00.

Trading tips

Sell the pair below the level of 123.54 with the target at 122.00-121.00.

Alternative scenario

The breakout and consolidation above the level of 123.54 would allow the pair to continue growing towards 124.00-124.50.

USD/JPY: wave analysis

USD/JPY: wave analysis




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