A descending trend is strong. Short-term growth is possible.

Assumingly, a downward impulse in the third wave of the senior level continues forming. At present, an ascending correction in the fourth wave (iv) of iii seems to be developing, within which a flat is expected to form. If the assumption is correct, in the short-term the pair is likely to grow to 115.00. Critical for this scenario is the level of 112.20.

Trading tips

In the shot-term, buy the pair above the level of 112.20 with the target at 115.00.

Alternative scenario

The breakdown and consolidation below the level of 112.20 would allow the pair to fall to 106.00, 107.00.

USD/JPY: wave analysis

USD/JPY: wave analysis

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