USD/JPY: Wave Analysis And Forecast For May 18-25, 2018
Mayzus | May 18, 2018 08:45AM ET
Ascending trend for the pair USD/JPY continues. Estimated pivot point is at a level of 109.70.
Main scenario: long positions will be relevant from corrections above the level of 109.70 with a target of 112.07.
Alternative scenario:breakout and consolidation below the level of 109.70 will allow the pair to continue declining to the levels at 108.95 – 108.28.
Analysis: Supposedly, an ascending impetus continues to form as the first wave 1 of (C) within the 4-hour time frame. Apparently, the third wave of junior level iii of 1 has been formed. If the presumption is correct, the pair will continue to rise to the level of 112.07 once the local correction iv of 1 is completed. The level 109.70 may be critical in this scenario.
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