USD/JPY: wave analysis and forecast for 30.08.19 – 06.09.19
The probability of an increase in USD/JPY remains. Estimated pivot point is at the level of 105.62.
Main scenario: “long positions” are relevant from corrections above the level of 105.62 with the target of 107.67 – 108.43.
Alternative scenario: breakout and consolidation below the level of 105.62 will allow the pair to decline to 104.00 – 103.00.
Analysis: within the daily timeframe, the development of a large correction as wave (B) of the senior level has supposedly been completed and the formation of wave (C) has begun. On the 4-hour timeframe, the third wave 3 of (C) is supposedly forming, as part of which wave i of 3 ended and an upward correction develops as wave ii of 3. Within the H1 timeframe, it seems that wave (c) of ii is developing – if the assumption is correct, then the pair will continue to grow to 107.67 – 108.43. Critical level for this scenario is 105.62.
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