Estimated pivot point is at the level of 113.09.

Our opinion: Buy the pair from correction above the level of 113.09 with the target of 116.80.

Alternative scenario: Breakdown and consolidation of the price below the level of 113.09 will trigger decline to 111.60.

Analysis: Presumably, the formation of the upward impetus as the wave A continues as part of the correction of the senior level (B). . Locally, it is likely that the correction as the wave iv of A has completed and started to develop in the fifth wave. If this assumption is correct, the pair may continue to rise to 116.80. Critical level for this scenario is 113.09.

USD/JPY H1

USD/JPY H4




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