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
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Price chart of USDJPY in real time mode
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