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USD/JPY: Elliott Wave Analysis And Forecast For 15/11/2019 – 22/11/2019

Published 11/15/2019, 05:22 AM
Updated 11/29/2020, 05:10 AM

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 107.86.

Main scenario: long positions will be relevant from corrections above the level of 107.86 with a target of 110.50 – 111.00.

Alternative scenario: Breakout and consolidation below the level of 107.86 will allow the pair to continue declining to the levels of 106.46 – 104.45.

Analysis: On the daily time frame, supposedly, a large correction has been completed in the form of wave (B) of senior level and wave (С) is starting to form. Presumably, wave iii of 1 is developing on the H4 time frame, with waves (i) of iii and (ii) of iii formed inside. Apparently, wave (iii) of iii started developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 110.50 – 111.00. The level 107.86 is critical in this scenario.

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