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.

LiteForex: USD/JPY: Elliott wave analysis and forecast for 01/05/2020 – 08/05/2020


LiteForex: USD/JPY: Elliott wave analysis and forecast for 01/05/2020 – 08/05/2020


LiteForex: USD/JPY: Elliott wave analysis and forecast for 01/05/2020 – 08/05/2020


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Price chart of USDJPY in real time mode

USD/JPY: Elliott wave analysis and forecast for 01/05/2020 – 08/05/2020

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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