USD/JPY: Elliott wave analysis and forecast for 16/08/2019 – 23/08/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of  104.99.

Main scenario: long positions will be relevant from corrections above the level of 104.99 with a target of 108.70 – 109.58.

Alternative scenario: Breakout and consolidation below the level of  104.99 will allow the pair to continue declining to the levels of 104.00 – 103.00.

Analysis: Presumably, a huge correction finished developing in the form of wave B of senior level on the D1 time frame and the wave C started forming. Supposedly, the first wave of junior level 1 finished forming as an expanding wedge on the H4 time frame and an ascending correction starts developing in the form of wave 2. Apparently, the wave a of 2 is developing on the H1 time frame, with the waves (i) and (ii) formed inside. If the presumption is correct, the pair will continue to rise to the levels 108.70 – 109.58. The level  104.99 is critical in this scenario.

Do You Want To Make Thousands Of Dollars Extra Cash Every Month
From Forex Trading In Pakistan?

Subscribe To Our Mailing List And Get Free Forex Training Videos, Free Forex Trading Strategies, Free Forex Indicators, Robots And Free Forex Analysis From ForexGuru.Pk Team In Your Email

We Respect Your Privacy And Protect It Seriously

Categories: Free Forex Signals

Do NOT follow this link or you will be banned from the site!