USD/JPY Wave analysis and forecast for 18.04 – 25.04: Formation of upward correction. The pair is likely to decline. Estimated pivot point is at the level of 101.80.
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Our opinion: In the short-term: buy the pair above the level of 102.20 with the target of 102.70 – 103.0. In the medium-term: wait for the completion of upward correction and sell the pair after the formation of reversal with the target of 99.40.
Alternative scenario: Breakout of the level of 101.80 10 will enable the price to continue decline to the levels of 100.0 – 99.0 within downtrend.
Analysis: Presumably ascending correction as the second wave is nearing completion. Locally, a small wave (с) of ii is being formed, within which short-term growth up to the levels of 102.70 – 103.0 is possible. If this assumption is true, the pair is likely to continue decline in the third wave of the senior level.
