Uptrend dominates. A chance of local correction.Estimated pivot point is at the level of 101.57.Our opinion: In the short-term: sell the pair below the level of 104.60 with the target of 102.77. In the medium-term: wait for the completion of the descending correction and buy above 101.57 with the target of 106.0.Alternative scenario: Breakdown of the level of 101.57 will enable the pair to continue decline to the level of 100.0.Analysis: Presumably, the formation of the extension in the third wave of the higher level 3 of (5) is nearing completion. Locally, the fifth final wave 5 of v of 3, which took the shape of diagonal triangle is being formed. If this assumption is true, downward correction in the fourth wave of the higher level 102.77 will start to develop.
Home » JPY » Technical Analysis » USD » USD/JPY Wave analysis and forecast for 20.12 – 27.12
Sunday, 22 December 2013
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