A downward trend is strong.

Assumingly, a downward impulse in the third wave of the senior level continues forming. At present, an upward correction within the fourth wave (iv) of iii that presumably took shape of a flat seems to have formed. If the assumption is correct, the fifth wave (v) has started and the price is expected to fall to 108.00, 107.00. Critical for this scenario is the level of 114.93.

Trading tips

Sell the pair below the level of 114.93 with targets at 108.00, 107.00.

Alternative scenario

The breakout and consolidation above the level of 114.93 would allow the pair to grow to 116.00, 118.00. 

USD/JPY: wave analysis

USD/JPY: wave analysis

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