USD/JPY remains likely to fall. Estimated pivot point is at a level of 108.19.

Main scenario: consider short positions from corrections below the level of 108.19 with a target of 105.21 – 104.50.

Alternative scenario: breakout and consolidation above the level of 108.19 will allow the pair to continue rising to the levels of 109.84 – 110.75.

Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing. On the H4 time frame, the first wave 1 of (1) of C formed and a local correction continues forming as wave 2 of (1). Apparently, wave с of 2 is forming on the H1 time-frame, with the first wave of smaller degree (i) of с of 2 formed and a correction developing in the form of wave (ii) of c inside. If the presumption is correct, the pair will continue to fall to the levels of 105.21 – 104.50 after the correction. The level of 108.19 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 109.84 – 110.75.

LiteForex: USD/JPY: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020


LiteForex: USD/JPY: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020


LiteForex: USD/JPY: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020


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Price chart of USDJPY in real time mode

USD/JPY: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020

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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