USD/JPY: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019
The pair USD/JPY is likely to fall in price. Estimated pivot point is at a level of 107.23.
Main scenario: short positions will be relevant from corrections below the level of 107.23 with a target of 104.00 – 103.00.
Alternative scenario: breakout and consolidation above the level of 107.23 will allow the pair to continue the rise up to the levels of 107.67 – 108.43.
Analysis: Supposedly, a large correction has stopped forming on the daily time frame in the form of wave (B) of senior level and wave (С) has started forming. Supposedly, the third wave 3 of (C) is developing on the H4 time frame, with both wave i of 3 formed and an ascending correction in the form of wave ii of 3 completed inside. Apparently, wave (с) of ii has formed as an ending diagonal triangle on the H1 time frame. If the presumption is correct, the pair may be expected to fall to the levels of 104.00 – 103.00. The level 107.23 is critical in this scenario.
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