USD/JPY remains likely to fall. Estimated pivot point is at a level of 108.09.
Main scenario: consider short positions from corrections below the level of 108.09 with a target of 103.00 – 101.08.
Alternative scenario:breakout and consolidation above the level of 108.09 will allow the pair to continue the rise up to the levels of 109.51 – 111.80.
Analysis: On the daily time frame, supposedly, a big horizontal correction finished forming as a triangle-shaped wave (В) of B. Wave (С) of B started developing on the H4 time frame. Inside it, there’s the first wave 1 of (C) formed, a local correction completed in the form of wave 2 of (C) and wave 3 of (C) forming. Apparently, the third wave of smaller degree iii of 3 of (C) is developing on the H1 time frame. If this assumption is correct, the pair will continue to drop to 103.00 – 101.08. The level of 108.09 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 109.51 – 111.80.
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Price chart of USDJPY in real time mode
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