Sunday 8 December 2013

USD/JPY Wave analysis and forecast for 06.12 – 13.12: Uptrend prevails.Estimated pivot point is at the level of 101.60.Our opinion: Buy the pair from correction above the level of 101.60 with target levels of 104.0 – 105.0.Alternative scenario: Breakout of the level of 101.60 will enable the pair to continue decline to the level of 101.0.Analysis: Presumably, extension in the third wave of the higher level 3 of (5) continues. Locally, downward correction as the fourth wave iv of 3 is being formed. If this assumption is true, it makes sense to expect that upward movement will continue up to the levels of 104.0 – 105.0.


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