USD/JPY Wave Analysis: 21/09/2018 – 28/09/2018
LiteForex | Sep 21, 2018 09:18AM ET
The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 112.01.
Main scenario: long positions will be relevant above the level of 112.01 with a target of 113.22 – 113.80.
Alternative scenario: breakout and consolidation below the level of 112.01 will allow the pair to continue declining to the levels of 111.09 – 110.35.
Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably a local correction finished forming in the form of wave 2 of (C), and the wave 3 of (C) started developing, with the wave i of 3 forming inside. Apparently, the third wave of junior level (iii) of i is developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 113.22 – 113.80. The level 112.01 is critical in this scenario.
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