A downward trend is strong.

Wave C of 4 of the senior level continues developing, within which an impulse is forming. Locally, the third wave iii of C seems to be developing and if the assumption is correct, the pair continues falling towards the levels of 116.00, 115.00. Critical for this scenario is the level of 118.42.

Trading tips

Sell the pair below the level of 118.42 with targets at 116.00, 115.00.

Alternative scenario

A breakout and consolidation above the level of 118.42 would allow the pair to grow to 121.00, 122.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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