The pair USD/JPY remains likely to fall. Estimated pivot point is at a level of 111.76.

Main scenario: short positions should be considered from corrections below the level of 111.76 with a target of 101.08 – 98.73.

Alternative scenario:breakout and consolidation above the level of 111.76 will allow the pair to continue rising to the levels of 114.53 – 118.00.

Analysis: On the daily time frame, supposedly, a big horizontal correction finished forming as a triangle-shaped wave (В) of B. On the H4 time frame, wave (С) of B started developing, with the first wave  i of 1 of (C) formed inside. On the H1 time frame, apparently a local correction finished developing as wave ii of 1 of (C) and wave iii of 1 of (C) started to form. If the presumption is correct, the pair will continue to drop to the levels of 101.08 – 98.73. The level of 111.76 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 114.53 – 118.00

LiteForex: USD/JPY: Elliott wave analysis and forecast for 03/04/2020 – 10/04/2020


LiteForex: USD/JPY: Elliott wave analysis and forecast for 03/04/2020 – 10/04/2020


LiteForex: USD/JPY: Elliott wave analysis and forecast for 03/04/2020 – 10/04/2020


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Price chart of USDJPY in real time mode

USD/JPY: Elliott wave analysis and forecast for 03/04/2020 – 10/04/2020

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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