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  1. #1
    GersonH is offline Junior Member
    Join Date
    Aug 2018
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    16

    Default USD/JPY is still likely to grow

    The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.74
    Main scenario: long positions will be relevant above the level of 109.74 with a target of 113.22 115.50.
    Alternative scenario: breakout and consolidation below the level of 109.74 will allow the pair to continue declining to a level of 108.09.

    Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably a local correction finished forming in the form of wave 2 of (C) that took a shape of an irregular plane, and the wave 3 of (C) started developing. The first counter-trend wave of junior level (i) of i of 3 has formed and the local correction (ii) of i is nearing completion on H1 time frame. If the presumption is correct, the pair will continue to rise to the levels of 113.22 115.50. The level 109.74 is critical in this scenario.

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  2. #2
    mlawson71 is offline Senior Member
    Join Date
    Nov 2018
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    115

    Default

    The pair has found some resistance at 114.10, I think we may see it move to the downside.

  3. #3
    mlawson71 is offline Senior Member
    Join Date
    Nov 2018
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    115

    Default

    Sideways consolidation continues, let's see whether or when the pair will break out above 113.00.

  4. #4
    mlawson71 is offline Senior Member
    Join Date
    Nov 2018
    Posts
    115

    Default

    The pair is barely moving due to the holidays in the USA, let's see how it will develop next week.

  5. #5
    mlawson71 is offline Senior Member
    Join Date
    Nov 2018
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    115

    Default

    It closed at 112.90, let's see whether the move to the upside will continue next week.

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