USD/JPY: Elliott wave analysis and forecast for 08/05/2020 – 15/05/2020

USD/JPY remains likely to fall. Estimated pivot point is at a level of 107.53.

Main scenario: consider short positions from corrections below the level of 107.53 with a target of 103.00 – 101.08.

Alternative scenario: breakout and consolidation above the level of 107.53 will allow the pair to continue the rise up to the levels of 109.51 – 111.80.

Analysis: On the daily time frame, supposedly, a big horizontal correction finished forming as a triangle-shaped wave (В) of B. Wave (С) of B started developing on the H4 time frame. Inside it, there’s the first wave 1 of (C) formed,…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>