A correction and a further decline in the pair are expected.

Assumingly, the first starting wave i within wave C of 4 of the senor level has finished forming. A local correction as wave ii seems to be forming. If the assumption is correct, the pair continues declining to 118.00-116.00 after the correction ends. A critical for this scenario is the level of 123.47 after the breakout of which, the pair would continue its upward trend.

Trading tips

Wait for the correction to end and sell the pair below the level of 123.47 with the target at 118.00-116.00.

Alternative scenario

The breakout and consolidation above the level of 123.47 would allow the pair to continue growing to 124.50-125.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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