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USD/JPY: Wave analysis and forecast for 14/12/2018 – 21/12/2018

USD/JPY: Wave analysis and forecast for 14/12/2018 – 21/12/2018

The pair USD/JPY is still likely to fall. Estimated pivot point is at a level of 114.02.

Main scenario: short positions will be relevant from corrections below the level of 114.02 with a target of 111.82 – 111.35.

Alternative scenario: breakout and consolidation above the level of 114.02 will allow the pair to continue rising to a level of 115.50.

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 is forming as the wave 2 of (C) on the 4-hour timeframe. Apparently, the wave c of 2 is developing on H1 time frame, with the local correction of junior level (iv) of c nearing completion inside. If the presumption is correct, the pair will continue to drop to the levels 111.35 – 110.65. The level 114.02 is critical in this scenario.

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