USD/JPY: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020

USD/JPY remains likely to grow. Estimated pivot point is at a level of 108.20.

Main scenario: long positions should be considered from corrections above the level of 108.20 with a target of 110.75 – 111.80.

Alternative scenario: breakout and consolidation below the level of 108.20 will allow the pair to continue declining to the levels of 107.34 – 106.72.

Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing. On the H4 time frame, the first wave 1 of (1) of C formed and a local correction…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>