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USD/JPY: Wave analysis and forecast for 05/10/2018 – 12/10/2018

USD/JPY: Wave analysis and forecast for 05/10/2018 – 12/10/2018

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 113.51.

Main scenario: long positions will be relevant above the level of 113.51 with a target of 115.00 – 115.50.

Alternative scenario: breakout and consolidation below the level of 113.51 will allow the pair to continue declining to the levels of 111.75 – 111.09.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably the wave 3 of (C) is developing, with the wave iii of 3 forming inside. Apparently, the third wave of junior level (iii) of i continues developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 115.00 – 115.50. The level 113.51 is critical in this scenario.

 

 

 

 

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