USD/JPY: Long Positions Relevant Above 110.83 Level
LiteForex | Apr 19, 2019 08:30AM ET
The pair USD/JPY is still likely to grow. The estimated pivot point is at a level of 110.83.
Main scenario: long positions will be relevant above the level of 110.83 with a target of 113.00 – 114.00.
Alternative scenario: breakout and consolidation below the level of 110.83 will allow the pair to continue declining to the levels at 109.66 – 108.31.
Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) has formed. Apparently, the wave iii of 3 started developing on the H1 time frame, with the wave (iii) of iii forming inside. If the presumption is correct, the pair will continue to rise to the levels of 113.00 – 114.00. Level 110.83 is critical in this scenario.
/h2
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