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USD/JPY: Wave analysis and forecast for 04/01/2019 – 11/01/2019

USD/JPY: Wave analysis and forecast for 04/01/2019 – 11/01/2019

The pair USD/JPY is likely to rise. Estimated pivot point is at a level of 104.46

Main scenario: long positions will be relevant from corrections above the level of 104.46 with a target of 113.66 – 114.50.

Alternative scenario: breakout and consolidation below the level of 104.46 will allow the pair to continue falling to a level of 103.00.

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 1 of (C) formed inside. Presumably a local correction has formed as the wave 2 of (C) on the 4-hour timeframe. Apparently, the wave 3 of (C) is starting to develop on the H1 time frame, with first wave of junior level (i) of i of 3 formed inside.  If the presumption is correct, the pair will continue to grow to the levels 113.66 – 114.50. The level 104.46 is critical in this scenario.

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